Figure 5.
![Option trading around convertible issue days. This graph plots the average log change of open interests (left) and of trading volume of options written on issuers’ stocks around convertible issue dates. For each issue, we use the averages of open interest and trading volume over the window [–60, –31] prior to the issue day as benchmarks, —OI and —TV, respectively. We then calculate the daily log change as: log(OIt) — log(—OI) and log(TVt) — log(—TV), for each trading day t in the window [–30, +30] around the issue day.](https://oup.silverchair-cdn.com/oup/backfile/Content_public/Journal/rof/27/1/10.1093_rof_rfac001/1/rfac001f5.jpeg?Expires=1748898269&Signature=jJiiMwZSDY65FulYX3ytO0~iq7RnSW1hSs1e1sm9jV7yB98f~avY0zcTbfz6YKK-oRKrw-7EnOulHXmiP2EcC2i9lAz4Qjlk0ti8DfAXi31SkHMo~PxboUKDI9lcDIGORagTBe-TZczozhN4dUkrpt5fLKUy6GglRbslFYfs2lBgTb8SC4ldunlm3kTsCHIxJtkTsn2NI0bd5nEBokT7AnG7VqGq64uCls1rEFOjmF5NDzfcklpjDvrxtCa1CEgBFJczepYVeVAy2u0XGq4PPccNggGhaKj2sl3woz9Q26sLy4K2A7vmknKmB-5M3ChpiQOMxbx-RFGz~I~Uudp~DQ__&Key-Pair-Id=APKAIE5G5CRDK6RD3PGA)
Option trading around convertible issue days. This graph plots the average log change of open interests (left) and of trading volume of options written on issuers’ stocks around convertible issue dates. For each issue, we use the averages of open interest and trading volume over the window [–60, –31] prior to the issue day as benchmarks, —OI and —TV, respectively. We then calculate the daily log change as: log(OIt) — log(—OI) and log(TVt) — log(—TV), for each trading day t in the window [–30, +30] around the issue day.
