Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options

By Allen M. Poteshman, V. Serbin. 2003

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Option Market Activity (2007, background): “Evidence that the firm proprietary option traders have the highest level of sophistication is provided in Poteshman and Serbin (2003) which”
Investor Sentiment and Option Prices (2008, unknown): “…in the options market, which permit sentiment to affect option prices.4 It contributes to a growing literature that studies investor behavioral biases and their asset pricing impact in the options market (Stein, 1989; Poteshman, 2001; Poteshman and Serbin, 2003; Mahani and Poteshman, 2004).”
Just How Much Do Individual Investors Lose by Trading (2007, background): “Other related work includes Lee, Shleifer, and Thaler (1991); Sias and Starks (1997); Bartov, Radhakrishnan, and Krinsky (2000); Chakravarty (2001); and Poteshman and Serbin (2003) .”
Option trading and individual investor performance (2009, unknown): “In addition, Poteshman and Serbin (2003) find that customers of discount brokers regularly engage in irrational early exercise of stock options and Mahani and Poteshman (2008) document that discount clients act irrationally by entering option positions that load up on growth stocks a few days…”