Who profits from trading options?

• Main Authors: HU, Jianfeng, KIRILOVA, Antonia, PARK, Gilbert Seongkyu, RYU, Doojin
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2024
• 主題: Options; institutional investors; retail investors; trading styles; volatility; Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/7288; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8287/viewcontent/KOSPI200_Final.pdf

We use account-level transaction data to examine trading styles and profitability in a leading derivatives market. Approximately 66% of active retail investors predominantly hold simple, one-sided positions in only one class of options, whereas institutional investors are more likely to use complex...