Table 4: Data description of IBM calls and puts.

MeanStandard deviationMinimumMaximum

Call Number of options4430
Market prices13.65314.2450.07569.550
Moneyness 1.0770.3290.5142.292

Put Number of options4430
Market prices13.61415.1880.07575.200
Moneyness 1.0100.2830.4361.946

Note: the call and put prices here are the midvalues of the bid-ask quotations. Moneyness is defined as the IBM stock closing price divided by the strike price, , for call options and the strike price divided by the closing price, , for put options. The time to expiration is measured in days.