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This paper re-examines the evidence on how the listing of options impacts on underlying stock's volatility by taking into consideration the possible presence of a learning effect, along with the impact of the very endogenous nature of the options listing decision itself. Our analyses are centred on both the portfolio approach as well as the individual stock approach applied on the sample of optioned stocks with a matched control sample. The results show that the individual stock approachdoi:10.32890/ijbf2008.5.1.8359 fatcat:gszvsglzwncfnhevojhyae43xm