The market for equity options in the 1870s

• 成果类型: Article
• 署名作者: Kairys, JP; Valerio, N
• 署名单位: Emory University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.1997.tb01128.x
• 发表日期: 1997
• 页码: 1707-1723
• 关键词: SECURITY PRICE VOLATILITIES; EFFICIENCY

摘要

The introduction of exchange-traded options in 1973 led to explosive growth in the stock options market, but put and call options on equity securities have existed for more than a century. Prior to the listing of option contracts, trading was conducted in an order-driven over-the-counter market. From 1873 to 1875, quotes for options contracts were published weekly in The Commercial and Financial Chronicle during a period that saw extensive marketing efforts by a number of brokerage firms. In this article we examine these quotes to determine why this seemingly sophisticated market existed for only a brief period in financial history.