{"id":"https://openalex.org/W2007261238","doi":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","title":"An Empirical Reexamination of the Impact of CBOE Option Initiation on the Volatility and Trading Volume of the Underlying Equities: 1973\u20131986","display_name":"An Empirical Reexamination of the Impact of CBOE Option Initiation on the Volatility and Trading Volume of the Underlying Equities: 1973\u20131986","publication_year":1989,"publication_date":"1989-02-01","ids":{"openalex":"https://openalex.org/W2007261238","doi":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","mag":"2007261238"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6288.1989.tb00328.x","doi":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5026986888","display_name":"Vipul K. Bansal","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I142823887","display_name":"St. John's University","ror":"https://ror.org/00bgtad15","country_code":"US","type":"education","lineage":["https://openalex.org/I142823887"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Vipul K. Bansal","raw_affiliation_strings":["Saint John's University, Jamaica, NY 11432"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Saint John's University, Jamaica, NY 11432","institution_ids":["https://openalex.org/I142823887"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5046730865","display_name":"Stephen W. Pruitt","orcid":"https://orcid.org/0000-0001-6059-1613","observed_orcids":["https://orcid.org/0000-0001-6059-1613"]},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Stephen W. Pruitt","raw_affiliation_strings":["Indiana University, Bloomington, IN 47405"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Indiana University, Bloomington, IN 47405","institution_ids":["https://openalex.org/I4210119109"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5062253298","display_name":"K.C. John Wei","orcid":"https://orcid.org/0000-0003-4651-0113","observed_orcids":["https://orcid.org/0000-0003-4651-0113"]},"institutions":[{"id":"https://openalex.org/I145608581","display_name":"University of Miami","ror":"https://ror.org/02dgjyy92","country_code":"US","type":"education","lineage":["https://openalex.org/I145608581"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"K. C. John Wei","raw_affiliation_strings":["University of Miami, Coral Gables, FL 33124. The authors thank an anonymous referee for helpful comments. An earlier version of this paper was presented at the 1987 Financial Management Association Meeting in Las Vegas"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Miami, Coral Gables, FL 33124. The authors thank an anonymous referee for helpful comments. An earlier version of this paper was presented at the 1987 Financial Management Association Meeting in Las Vegas","institution_ids":["https://openalex.org/I145608581"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":4.8601,"has_fulltext":false,"cited_by_count":94,"citation_normalized_percentile":{"value":0.94208823,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"24","issue":"1","first_page":"19","last_page":"29"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7250999808311462,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7250999808311462,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.14730000495910645,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.08240000158548355,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/options","display_name":"options","score":0.31700000166893005},{"id":"https://openalex.org/keywords/trading-volume","display_name":"trading volume","score":0.7919999957084656},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.7250000238418579},{"id":"https://openalex.org/keywords/total-risk","display_name":"total risk","score":0.7609999775886536},{"id":"https://openalex.org/keywords/chicago-board-options-exchange","display_name":"Chicago Board Options Exchange","score":0.6880000233650208}],"concepts":[{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5726104974746704},{"id":"https://openalex.org/C2779820595","wikidata":"https://www.wikidata.org/wiki/Q798505","display_name":"Listing (finance)","level":2,"score":0.5610083341598511},{"id":"https://openalex.org/C36613032","wikidata":"https://www.wikidata.org/wiki/Q549269","display_name":"Binary option","level":4,"score":0.5306469798088074},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5290932655334473},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.48079055547714233},{"id":"https://openalex.org/C20556612","wikidata":"https://www.wikidata.org/wiki/Q4469374","display_name":"Volume (thermodynamics)","level":2,"score":0.4157350957393646},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3746398687362671},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3338342308998108},{"id":"https://openalex.org/C24189920","wikidata":"https://www.wikidata.org/wiki/Q1660345","display_name":"Implied volatility","level":3,"score":0.265112042427063},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.17932593822479248},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/j.1540-6288.1989.tb00328.x","doi":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.1989.tb00328.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals","score":0.4699999988079071}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":12,"referenced_works":["https://openalex.org/W1982775276","https://openalex.org/W1993875222","https://openalex.org/W1995115064","https://openalex.org/W1996627678","https://openalex.org/W1999593252","https://openalex.org/W2011256741","https://openalex.org/W2014256903","https://openalex.org/W2026824595","https://openalex.org/W2058761570","https://openalex.org/W2081624798","https://openalex.org/W2102675016","https://openalex.org/W4247563176"],"related_works":["https://openalex.org/W7112681329","https://openalex.org/W2051660433","https://openalex.org/W2267505429","https://openalex.org/W2014571352","https://openalex.org/W1976681772","https://openalex.org/W89497323","https://openalex.org/W3126094459","https://openalex.org/W2070393159","https://openalex.org/W2111196392","https://openalex.org/W3125886134"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"presents":[3],"an":[4],"empirical":[5,48],"analysis":[6],"of":[7,10,25,52,70,99],"the":[8,19,26,36,47,53,64,96],"impact":[9],"Chicago":[11],"Board":[12],"Options":[13],"Exchange":[14],"(CBOE)":[15],"option":[16,58,81,100],"initiation":[17],"on":[18,35],"price":[20],"volatility":[21],"and":[22],"trading":[23,75],"volume":[24,76,91],"underlying":[27],"equities.":[28],"Virtually":[29],"every":[30],"firm":[31],"with":[32],"options":[33],"listed":[34,84,94],"CBOE":[37],"from":[38],"April":[39],"1973":[40],"to":[41,61,78],"June":[42],"1986":[43],"is":[44],"included":[45],"in":[46,63,90,95],"tests.":[49],"The":[50],"results":[51],"tests":[54],"strongly":[55],"suggest":[56],"that":[57],"listing":[59],"leads":[60],"decreases":[62],"total":[65,74],"(but":[66],"not":[67],"systematic)":[68],"risk":[69],"optioned":[71],"firms.":[72],"Although":[73],"appears":[77],"increase":[79],"following":[80],"listing,":[82],"securities":[83],"after":[85],"1980":[86],"show":[87],"smaller":[88],"increases":[89],"than":[92],"those":[93],"early":[97],"years":[98],"trading.":[101]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":2},{"year":2022,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":7}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}