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Sai Ke

Visiting Assistant Professor of Finance

Sai Ke is an expert working on derivative-related research.

Research Interests

Asset Pricing. Derivatives.

Biography

Sai Ke earned his Ph.D. in Finance from the University of Houston. His primary research interests are in Empirical Asset Pricing, specifically Financial Derivatives. His teaching interests include Investment Management, Corporate Finance, and Options. His research has been presented at the annual meetings of top finance conferences such as the American Finance Association (AFA), the Western Finance Association (WFA), the Northern Finance Association (NFA), the Society of Financial Studies (SFS) Cavalcade Asia-Pacific, the Canadian Derivatives Institute (CDI), and others. He has published in the Journal of Financial and Quantitative Analysis.

In his spare time, he likes reading books on economics and history. He also enjoys walking on trails to get close to nature.

Publications

2023, Journal of Financial and Quantitative Analysis

Options Trading and Stock Price Informativeness

We document the causal effects of single-name options trading on the absolute level of information content of prices (stock price informativeness) by exploiting the Penny Pilot Program as an exogenous shock to options trading volume. We find that options trading increases underlying stock price informativeness and information acquisition by both option and stock investors, consistent with the framework of Goldstein and Yang (2015). The findings are driven by firms for which options are more important sources for information and firms with more efficiently priced options. Options market introduction in 25 other economies also leads to higher price informativeness.

Courses Taught

Education

B.S. Finance, Chinese University of Hong Kong (2016)

MPhil Finance, Chinese University of Hong Kong (2018)

Ph.D. Business Administration, University of Houston (2023)