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Sources: The unusual options trading activity prior to September 11 has been examined in multiple academic and government-backed analyses. Research by Allen Poteshman published in the Journal of Business found that put option volumes on United Airlines and American Airlines reached statistically extreme levels, placing them in the ninety ninth percentile of historical trading activity https://www.jstor.org/stable/10.1086/503645 . Additional analysis by researchers at the University of Zurich, in
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