The informational role of thin options markets: Empirical evidence from the Spanish case

This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is highly good

Investment in the long-tail of biodiversity data: from local research to global knowledge

In business, the "long-tail economy" refers to a market strategy where the gravity center shifts from a few high-demand products to many, varied products focused on small niches. Commercialization of individually low-demand products can be profitable as long as their production cost is low and, all taken together, they aggregate into a big chunk of the market. Similarly, in the "business" of biodiversity data acquisition, we can find several mainstream products that produce zillions of bits of information every year and account for most of the budget allocated to increase our primary data-based knowledge about Earth's biological diversity. These products play a crucial role in biodiversity research. However, along with these large global projects, there is a constellation of small-scale institutions that work locally, but whose contribution to our understanding of natural processes should not be dismissed. These information datasets can be collectively referred to as the "long-tail biodiversity data"

El papel informativo de los mercados de opciones estrechos: Evidencia empírica del caso español

This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is highly good.El trabajo analiza el papel informativo de los mercados de opciones para el caso de escasa negociación, centrándose en el mercado español. Estudiamos el efecto de la llegada de nueva información relevante, como es el anuncio de beneficios, en el mercado de contado bajo la presencia de opciones sobre dichas acciones. Además, examinamos la actividad negociadora en el mercado de opciones ante dicho suceso. Los resultados muestran que el impacto de la información es superior cuando existen opciones cotizadas sobre dichas acciones. Adicionalmente, se observa una actividad negociadora anormal en el mercado de opciones debido a la negociación informada, principalmente cuando la noticia es muy buena

El papel informativo de los mercados de opciones estrechos: Evidencia empírica del caso español

This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is highly good.El trabajo analiza el papel informativo de los mercados de opciones para el caso de escasa negociación, centrándose en el mercado español. Estudiamos el efecto de la llegada de nueva información relevante, como es el anuncio de beneficios, en el mercado de contado bajo la presencia de opciones sobre dichas acciones. Además, examinamos la actividad negociadora en el mercado de opciones ante dicho suceso. Los resultados muestran que el impacto de la información es superior cuando existen opciones cotizadas sobre dichas acciones. Adicionalmente, se observa una actividad negociadora anormal en el mercado de opciones debido a la negociación informada, principalmente cuando la noticia es muy buena