Discretionary reductions in warrant exercise prices
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چکیده
منابع مشابه
Discretionary reductions in warrant exercise prices
Managers can decide to reduce a warrant’s exercise price. A reduction in exercise price can induce exercise (a conversion-forcing reduction) or not (a long-term reduction). Conversionforcing firms show an abnormal return of -1.53% on the announcement day but they perform well over the three years following the announcement. This finding suggests that the funds raised from warrant exercise are i...
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In this paper, we analyze the exercise behavior of warrant holders and its impact on warrant values. For this purpose, we propose a parametric model to describing the exercise volume of warrants and calibrate it to exercise data of 40 warrants from the German market. We find that few too-early exercises but also a significant number of too-late exercises occur. This observed exercise behavior r...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2001
ISSN: 0304-405X
DOI: 10.1016/s0304-405x(01)00061-7