{"id":15192,"date":"2023-04-04T15:59:15","date_gmt":"2023-04-04T14:59:15","guid":{"rendered":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/?p=15192"},"modified":"2023-04-04T15:59:15","modified_gmt":"2023-04-04T14:59:15","slug":"af-research-community-seminar-alvart-balmanian","status":"publish","type":"post","link":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2023\/04\/04\/af-research-community-seminar-alvart-balmanian\/","title":{"rendered":"A&amp;F Research Community Seminar &#8211; Alvart Balmanian"},"content":{"rendered":"<p><strong>Title: <\/strong>Investor Sentiment and Options Trading Volume around M&amp;A Announcements<\/p>\n<p><strong>Date:<\/strong> 12 April 2023<\/p>\n<p><strong>Time: <\/strong>13:00 &#8211; 14:00<\/p>\n<p><strong>Location\u00a0<\/strong>NUBS 2.13<\/p>\n<p><strong>Speaker:<\/strong>\u00a0 Alvart Balmanian, PGR student, NUBS<\/p>\n<p><strong>Abstract: <\/strong>This study examines the role of investor sentiment in options market trading activity prior to<br \/>\nM&amp;A announcements. Using an extensive sample of U.S. M&amp;A deals, we find that sentiment<br \/>\nhas a significant and positive impact on the options-to-stock volume ratio. This result shows<br \/>\nthat an increase in options trading prior to M&amp;A announcements coincides with higher<br \/>\nsentiment. The findings of this study extend those of previous research which report that<br \/>\nabnormal pre-announcement options trading activity is purely driven by rational motives<br \/>\nsuch as informed trading, by showing that pre-announcement options volume is also<br \/>\npartially driven by irrational motives such as investor sentiment. The results are observed<br \/>\nuniversally across subsets of options and not driven by options with specific moneyness or<br \/>\nmaturity, firms with specific size and industry characteristics, or confined to the period of a<br \/>\nglobal financial crisis. The results also indicate that sentiment is a key factor in determining<br \/>\nthe market\u2019s reaction to M&amp;A announcements.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Title: Investor Sentiment and Options Trading Volume around M&amp;A Announcements Date: 12 April 2023 Time: 13:00 &#8211; 14:00 Location\u00a0NUBS 2.13 Speaker:\u00a0 Alvart Balmanian, PGR student,&#8230; <br \/><a href=\"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2023\/04\/04\/af-research-community-seminar-alvart-balmanian\/\" rel=\"bookmark\"><strong>Read more<\/strong><\/a><\/p>\n","protected":false},"author":3560,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[74],"class_list":["post-15192","post","type-post","status-publish","format-standard","hentry","category-research","tag-research-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/15192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/users\/3560"}],"replies":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/comments?post=15192"}],"version-history":[{"count":1,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/15192\/revisions"}],"predecessor-version":[{"id":15193,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/15192\/revisions\/15193"}],"wp:attachment":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/media?parent=15192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/categories?post=15192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/tags?post=15192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}