本书以目前世界期权交易最活跃的韩国KOSPI200股指期权为研究对象，研究股指期权成交量与现货市场收益波动之间的关系，试图从以下几个方面来完善现有的研究：①研究信息交易者在持有重要优势信息时，是否存在韩国期权和现货的跨市场信息交易行为；探讨可能的信息交易对市场的收益、波动和流动性的影响。②揭示在利好、利空的消息背景下，信息交易者的投资偏好和投资策略。③研究具有不同投资目的的信息交易者如何构建动态投资策略。④信息交易明确影响跨市场交易的因素。⑤识别可能存在的跨市场信息交易者。⑥阐明跨市场信息交易的识别机制。

1 Introduction
1.1 Research Background
1.2 Research Objective
1.3 Organization of the Dissertation
2 Literature Review
2.1 The Relation Between the Return of Stock Price and Options Trading
2.2 The Relation Between the Volatility of Stock Price and Options Trading
2.3 The Information Content of Options Volume and Put—Call Ratio
2.4 The Informational Role of Various Investors
2.5 The Information Content of Options Moneyness
2.6 The Response of Options Volume to News Announcements
3 Hypothesis and Methodology
3.1 The Relation Between Options Volume and the Vo1atilitv of KOSPl200 Index
3.2 The Informational Role of Various Investors
3.3 The Information Content of Options Moneyness
3.4 The Response of Options Volume to News Announcements
4 Dataset
4.1 KOSPl200 Index Options
4.2 Macroeconomic Variables
5 Empirical Analysis
5.1 The Relation Between Options Volumes and the V01atilitv of KOSPl200 Index
5.2 The Informational Role of Various Investors
5.3 The Information Content of Options Moneyness
5.4 Robustness Test
5.5 The Response of Unexpected Options Volumes to News
Announcements
6 Conclusion
References