There is sufficient evidence in the popular, legal, and financial literatures that informed options trading ahead of scheduled and unexpected corporate events is pervasive. In this review, we piece together the extant evidence on this topic into a cohesive picture, which includes abnormal activity ahead of announcements of earnings, mergers and acquisitions, as well as numerous other corporate events. We also discuss the more limited evidence on informed trading in other derivatives markets, such as credit default swaps. In addition, we characterize the impact and features of illegal insider trading and insider trading networks. We also provide a brief overview of the legal framework in the United States concerning legal and illegal insider trading to emphasize the challenges associated with identifying informed options trading. We end with our suggestions regarding future research opportunities in this broad topic.

中文翻译：

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公司活动前的知情期权交易

流行、法律和金融文献中有充分的证据表明，在预定和意外公司事件之前进行知情期权交易是普遍存在的。在本次审查中，我们将有关该主题的现有证据拼凑成一幅有凝聚力的图景，其中包括在公布收益、并购以及许多其他公司事件之前的异常活动。我们还讨论了其他衍生品市场知情交易的更有限的证据，例如信用违约掉期。此外，我们还描述了非法内幕交易和内幕交易网络的影响和特征。我们还简要概述了美国有关合法和非法内幕交易的法律框架，以强调与识别知情期权交易相关的挑战。