彼得羅斯公司理財cap(2)(參考版)
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【正文】 ?? ??wwThe gain from exercising a warrant can be written as: p r i c e e x e r c i s e d e b t ofn e t v a l u esFi r m 39。 ?? ??wwNote that when = the original number of shares and w = the number of warrants, The gain from exercising a warrant = p r i c e e x e r c i s ee x e r c i s ea n t a f t e r w a r r p r i c e s h a r e ?Thus, the gain from exercising a warrant can be written as: wwp r i c e e x e r c i s ed e b t ofn e t v a l u esFi r m 39。Note that when n = the number of shares, share price is: p r i c e e x e r c i s ed e b t ofn e t v a l u esFi r m 39。 2 to $1, = $5,000 247。Warrants and Convertibles Chapter 24 Copyright 169。 2021 by the McGrawHill Companies, Inc. All rights reserved. McGrawHill/Irwin 241 Key Concepts and Skills ? Understand how warrants and convertible bonds are similar to call options ? Understand how warrants and convertible bonds differ from call options ? Understand why corporations would issue either warrants or convertible bonds 242 Chapter Outline Warrants The Difference between Warrants and Call Options Warrant Pricing and the BlackScholes Model Convertible Bonds The Value of Convertible Bonds Reasons for Issuing Warrants and Convertibles Why are Warrants and Convertibles Issued? Conversion Policy 243 Warrants ? Warrants are call options that give the holder the right, but not the obligation, to buy shares of mon stock directly from a pany at a fixed price for a given period of time. ? Warrants tend to have longer maturity periods than exchange traded options. ? Warrants are generally issued with privately placed bonds as an “equity kicker.” ? Warrants are also bined with new issues of mon stock and preferred stock and/or given to investment bankers as pensation for underwriting services. ? In this case, they are often referred to as a Green Shoe Option. 244 Warrants ? The factors that affect call option value affect warrant value in the sa
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