{"id":"https://openalex.org/W2103017992","doi":"https://doi.org/10.1111/0022-1082.285595","title":"The Impact of Options Trading on the Market Quality of the Underlying Security: An Empirical Analysis","display_name":"The Impact of Options Trading on the Market Quality of the Underlying Security: An Empirical Analysis","publication_year":1998,"publication_date":"1998-04-01","ids":{"openalex":"https://openalex.org/W2103017992","doi":"https://doi.org/10.1111/0022-1082.285595","mag":"2103017992"},"language":"en","primary_location":{"id":"doi:10.1111/0022-1082.285595","doi":"https://doi.org/10.1111/0022-1082.285595","is_oa":false,"landing_page_url":"https://doi.org/10.1111/0022-1082.285595","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"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":"The Journal of Finance","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/A5085442699","display_name":"Raman Kumar","orcid":"https://orcid.org/0000-0003-4661-4764","observed_orcids":["https://orcid.org/0000-0003-4661-4764"]},"institutions":[{"id":"https://openalex.org/I859038795","display_name":"Virginia Tech","ror":"https://ror.org/02smfhw86","country_code":"US","type":"education","lineage":["https://openalex.org/I859038795"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Raman Kumar","raw_affiliation_strings":["R. B. Pamplin College of Business; Virginia Tech"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"R. B. Pamplin College of Business; Virginia Tech","institution_ids":["https://openalex.org/I859038795"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5113879328","display_name":"Atulya Sarin A","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I16269868","display_name":"Santa Clara University","ror":"https://ror.org/03ypqe447","country_code":"US","type":"education","lineage":["https://openalex.org/I16269868"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Atulya Sarin","raw_affiliation_strings":["Leavey School of Business; Santa Clara University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Leavey School of Business; Santa Clara University","institution_ids":["https://openalex.org/I16269868"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5035714277","display_name":"Kuldeep Shastri","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I170201317","display_name":"University of Pittsburgh","ror":"https://ror.org/01an3r305","country_code":"US","type":"education","lineage":["https://openalex.org/I170201317"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Kuldeep Shastri","raw_affiliation_strings":["Katz Graduate School of Business University of Pittsburgh"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Katz Graduate School of Business University of Pittsburgh","institution_ids":["https://openalex.org/I170201317"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":17.6918,"has_fulltext":false,"cited_by_count":231,"citation_normalized_percentile":{"value":0.98937399,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"53","issue":"2","first_page":"717","last_page":"732"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9868000149726868,"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":0.9868000149726868,"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":0.00930000003427267,"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/T10019","display_name":"Corporate Finance and Governance","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/options-trading","display_name":"options trading","score":0.9309999942779541},{"id":"https://openalex.org/keywords/option-listing","display_name":"option listing","score":0.6940000057220459},{"id":"https://openalex.org/keywords/market-quality","display_name":"market quality","score":0.8579999804496765},{"id":"https://openalex.org/keywords/underlying-stocks","display_name":"underlying stocks","score":0.8059999942779541},{"id":"https://openalex.org/keywords/adverse-selection","display_name":"adverse selection","score":0.8529999852180481},{"id":"https://openalex.org/keywords/bid-ask-spread","display_name":"bid-ask spread","score":0.7720000147819519},{"id":"https://openalex.org/keywords/specialists","display_name":"specialists","score":0.5830000042915344},{"id":"https://openalex.org/keywords/public-information","display_name":"public information","score":0.753000020980835},{"id":"https://openalex.org/keywords/quoted-depth","display_name":"quoted depth","score":0.6830000281333923},{"id":"https://openalex.org/keywords/trading-volume","display_name":"trading volume","score":0.9070000052452087},{"id":"https://openalex.org/keywords/transaction-size","display_name":"transaction size","score":0.6779999732971191}],"concepts":[{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.5603767037391663},{"id":"https://openalex.org/C32252159","wikidata":"https://www.wikidata.org/wiki/Q380037","display_name":"Adverse selection","level":2,"score":0.534392774105072},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5184001922607422},{"id":"https://openalex.org/C196083921","wikidata":"https://www.wikidata.org/wiki/Q7915758","display_name":"Variance (accounting)","level":2,"score":0.4996047019958496},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.480225145816803},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4611065983772278},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4444531500339508},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4273257851600647},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.32892507314682007},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.32497450709342957},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.1760353446006775},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.10529312491416931},{"id":"https://openalex.org/C77088390","wikidata":"https://www.wikidata.org/wiki/Q8513","display_name":"Database","level":1,"score":0.07218247652053833},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/0022-1082.285595","doi":"https://doi.org/10.1111/0022-1082.285595","is_oa":false,"landing_page_url":"https://doi.org/10.1111/0022-1082.285595","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"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":"The Journal of Finance","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.4300000071525574,"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W1553419710","https://openalex.org/W1593267904","https://openalex.org/W1765051938","https://openalex.org/W1966977762","https://openalex.org/W1979161134","https://openalex.org/W1979846182","https://openalex.org/W1985808284","https://openalex.org/W1993875222","https://openalex.org/W1997624033","https://openalex.org/W2026395376","https://openalex.org/W2040070475","https://openalex.org/W2049436860","https://openalex.org/W2069325803","https://openalex.org/W2074820347","https://openalex.org/W2076604634","https://openalex.org/W2086796026","https://openalex.org/W2093362178","https://openalex.org/W2093695665","https://openalex.org/W2114233347","https://openalex.org/W2125531201","https://openalex.org/W2131187707","https://openalex.org/W2154136277","https://openalex.org/W2164584148","https://openalex.org/W2892104728"],"related_works":["https://openalex.org/W7097240824","https://openalex.org/W2009425725","https://openalex.org/W2602046328","https://openalex.org/W2040070475","https://openalex.org/W3126094459","https://openalex.org/W146916855","https://openalex.org/W4211170341","https://openalex.org/W3125886134","https://openalex.org/W2268916979","https://openalex.org/W140042359"],"abstract_inverted_index":{"ABSTRACT":[0],"We":[1,49],"find":[2,51],"that":[3,52,79],"option":[4,73,80],"listings":[5,81],"are":[6],"associated":[7],"with":[8],"a":[9,18,55],"decrease":[10,19,56],"in":[11,20,31,42,57,62],"the":[12,15,21,26,32,37,46,58,83,87],"variance":[13],"of":[14,25,86],"pricing":[16],"error,":[17],"adverse":[22],"selection":[23],"component":[24],"spread,":[27],"and":[28,60,69],"an":[29],"increase":[30],"relative":[33],"weight":[34],"placed":[35],"by":[36],"specialist":[38],"on":[39],"public":[40],"information":[41],"revising":[43],"prices":[44],"for":[45],"underlying":[47,88],"stocks.":[48,89],"also":[50],"there":[53],"is":[54],"spread":[59],"increases":[61],"quoted":[63],"depth,":[64],"trading":[65,67],"volume,":[66],"frequency,":[68],"transaction":[70],"size":[71],"after":[72],"listings.":[74],"Overall,":[75],"our":[76],"results":[77],"suggest":[78],"improve":[82],"market":[84],"quality":[85]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":15},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":9},{"year":2017,"cited_by_count":9},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":12},{"year":2014,"cited_by_count":13},{"year":2013,"cited_by_count":6},{"year":2012,"cited_by_count":13}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}