本书以韩国KOSPI200股指期权为研究对象，分析股指期权成交量对其现货市场KOPSI200股指收益率和波动的影响。主要包括以下几部分内容：（1）研究不同类型的投资者持有的股权成交量对现货市场的影响（2）分析不同类型投资者在现货和期权市场扮演的角色（3）研究不同类型的期权成交量对现货市场的影响（4）研究不同类型的期权的不可预测成交量对现货市场的影响 （5）研究信息交易者对期权选择的偏好。

康明惠，博士，四川农业大学经济学院讲师，主持了国家自然科学基金项目等3项课题，作为主研参与了5项国家自然科学基金项目；并发表多篇SSCI、SCI收录的学术论文，主要的研究方向是金融工程、互联网金融等领域。

Contents 1 Introduction 1．1 Research Background 1．2 Research Objective 1．3 Organization of the Dissertation 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 PutCall 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 Volatility of KOSPI200 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 Announcements4 Dataset 4．1 KOSPI200 Index Options 4．2 Macroeconomic Variables 5 Empirical Analysis 5．1 The Relation Between Options Volumes and the Volatility of KOSPI200 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 ConclusionReference