{"title":"Contract Size Changes in the Options Market: Effects on Market Efficiency and Investor Behavior","authors":"S. Park, Doojin Ryu","doi":"10.2139/ssrn.3781273","DOIUrl":null,"url":null,"abstract":"We study options market participants’ trading behavior before and after an options multiplier increases. Using unique account-level data, we show that local retail and local institutional investors who trade in both options and futures markets trade more after the change in the multiplier. After the options multiplier increases, the options market becomes more efficient, and investors trade lottery stocks more actively.","PeriodicalId":11757,"journal":{"name":"ERN: Other Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Other Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3781273","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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Abstract
We study options market participants’ trading behavior before and after an options multiplier increases. Using unique account-level data, we show that local retail and local institutional investors who trade in both options and futures markets trade more after the change in the multiplier. After the options multiplier increases, the options market becomes more efficient, and investors trade lottery stocks more actively.
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