This paper investigates the informational role of transactions volume in options markets. We develop an asymmetric information model in which informed traders may trade in option or equity markets. We show conditions under which informed traders trade options, and we investigate the implications of this for the linkage between markets. Our model predicts an important informational role for the volume of particular types of option trades. We empirically test our model's hypotheses with intraday option data. Our main empirical result is that negative and positive option volumes contain information about future stock prices. THE INFORMATION CONTENT of trading activity is a subject of widespread interest. If trades are correlated with private information, then the outcome of the transaction process may portend future movements in price. The extension of trading to different venues or to derivative instruments, however, means that this link between transactions and information need not be easily discernible. If there are alternative markets in which informed traders can profit from their information, then where informed traders choose to trade may have important implications not only for security price movements, but for the behavior of related prices as well. This suggests that transactions in derivative markets may be an important predictor of future security price movements.In this paper we investigate the informational role of transactions volume in options markets. For some readers, this focus may seem puzzling; an option is a derivative security so its price should be dictated unilaterally by the behavior of the stock price. This unidirectional linkage is only true, however, in complete markets; if information is impounded into prices by trading, then the ability of informed traders to transact in options markets means

Because defined-contribution systems expose pensions to a number of risks, reforming governments have often strictly regulated the pension fund industry's structure, performance, and investments. This paper compares the rules in the new systems of Latin America and eastern E urope with richer OE CD countries. The authors argue that the benefits of competing pension funds and individual choice can only be achieved if regulations are loosened in the medium term.

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NREGA, enacted in 2005, forms the basis of a massive employment guarantee scheme, implemented throughout India, with two main objectives – to enhance the livelihood security of people in rural areas, and to boost the rural economy. Ever since its implementation across the country (2008-09 to 2015-16), on an average Rs.40, 000 crore per financial year has been invested under Mahatma Gandhi NREGA. In conformity with the National Act, the Government of Andhra Pradesh is implementing this Act since January 2006 and made considerable progress in fulfilling the programme objectives. The present study attempts to capture to what extent the employment was generated and durable assets are created during the last ten years of implementation of MGNREGS in Andhra Pradesh State. The study is based on secondary data such as official records of Ministry of Rural Development and Panchayat Raj, Government of Andhra Pradesh, Ministry of Rural Development,  Government of India, Journals, magazines etc. It reveals that the performance of Andhra Pradesh in terms of providing employment and generating person days to rural households particularly Women, SC and ST is significant and it could be able to provide 100 days of employment to only 5.5 per cent of the participatory households. Further, the state Govt. has created substantial number of assets during this one decade of implementation in different categories. However, it was observed that the rate of completion of works is very poor and it is gradually decreased over the years of implementation.Key words: MGNREGA, Employment, Asset creation, Livelihood Security, Rural Economy