{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/129547"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/129547","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Equity options trading and non-GAAP earnings disclosure","abstract":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2027-05-01","abstract_html":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2027-05-01","abstract_has_math":false,"creators":["Wang, Haoyan"],"institution":"University of Illinois Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Brown, Nerissa C.","Chen, Ciao-Wei","Zhu, Wei","Irani, Rustom M."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2025,"date_issued":"2025-04-23","date_published":"2025-04-23","updated_at":"2026-07-22T22:25:05Z","subjects":["Informed trading","Voluntary disclosures","Options trading","Non-GAAP disclosures"],"languages":["en","eng"],"rights":["Copyright 2025 Haoyan Wang"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2142/129547","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Brown, Nerissa C.","Chen, Ciao-Wei","Zhu, Wei","Irani, Rustom M."]},{"key":"dc:creator","label":"Author","values":["Wang, Haoyan"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2025-04-23","2025-05"]},{"key":"dc:type","label":"Dc Type","values":["text","Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Informed trading","Voluntary disclosures","Options trading","Non-GAAP disclosures"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en","eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2025 Haoyan Wang"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://hdl.handle.net/2142/129547"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2027-05-01","The student, Haoyan Wang, accepted the attached license on 2025-04-18 at 15:38.","The student, Haoyan Wang, submitted this Dissertation for approval on 2025-04-18 at 15:45.","This Dissertation was approved for publication on 2025-04-23 at 19:09.","DSpace SAF Submission Ingestion Package generated from Vireo submission #21839 on 2025-10-19 at 19:15:10","I investigate the influence of informed trading on the disclosure and quality of non-GAAP earnings measures in quarterly earnings releases. The results reveal that informed trading as proxied by the volume of equity options trading decreases the likelihood of non-GAAP earnings disclosure. This evidence suggests that private information gathering by informed investors supplants the need for managers to disclose adjusted measures of the firm’s core operating performance. However, when managers still choose to disclose non-GAAP earnings, I find that option trading volume is associated with higher quality non-GAAP disclosures. Specifically, I find that managers’ non-GAAP exclusions are less aggressive and are more informative to investors. My results are distinct from the effects induced by short selling and are robust to controls for endogeneity. Lastly, using a recently developed measure of risk information, I find evidence suggesting that non-GAAP exclusions are deemed risk-relevant by option traders. Thus, managers who opt to provide non-GAAP metrics are seemingly doing so to better inform investors about future firm risk."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Equity options trading and non-GAAP earnings disclosure"]}]}],"canonical_facts":{"dc:contributor":["Brown, Nerissa C.","Chen, Ciao-Wei","Zhu, Wei","Irani, Rustom M."],"dc:creator":["Wang, Haoyan"],"dc:date":["2025-04-23","2025-05"],"dc:description":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2027-05-01","The student, Haoyan Wang, accepted the attached license on 2025-04-18 at 15:38.","The student, Haoyan Wang, submitted this Dissertation for approval on 2025-04-18 at 15:45.","This Dissertation was approved for publication on 2025-04-23 at 19:09.","DSpace SAF Submission Ingestion Package generated from Vireo submission #21839 on 2025-10-19 at 19:15:10","I investigate the influence of informed trading on the disclosure and quality of non-GAAP earnings measures in quarterly earnings releases. The results reveal that informed trading as proxied by the volume of equity options trading decreases the likelihood of non-GAAP earnings disclosure. This evidence suggests that private information gathering by informed investors supplants the need for managers to disclose adjusted measures of the firm’s core operating performance. However, when managers still choose to disclose non-GAAP earnings, I find that option trading volume is associated with higher quality non-GAAP disclosures. Specifically, I find that managers’ non-GAAP exclusions are less aggressive and are more informative to investors. My results are distinct from the effects induced by short selling and are robust to controls for endogeneity. Lastly, using a recently developed measure of risk information, I find evidence suggesting that non-GAAP exclusions are deemed risk-relevant by option traders. Thus, managers who opt to provide non-GAAP metrics are seemingly doing so to better inform investors about future firm risk."],"dc:format":["application/pdf"],"dc:identifier":["https://hdl.handle.net/2142/129547"],"dc:language":["en","eng"],"dc:rights":["Copyright 2025 Haoyan Wang"],"dc:subject":["Informed trading","Voluntary disclosures","Options trading","Non-GAAP disclosures"],"dc:title":["Equity options trading and non-GAAP earnings disclosure"],"dc:type":["text","Thesis"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:05Z"}