Alon Kalay
Assistant Professor of Accounting 
The data from my paper posted below may be used for non-commercial purposes free of charge. It is provided as is, without any guarantee of correctness. Please reference the relevant paper for details. If you have any issues, please email me at  [email protected] .
Download the option-based sophistication measure here .
Please cite Investor Sophistication and Disclosure Clienteles. 2015. Review of Accounting Studies 20(2), 976–1011,  if you use the data in your study.