The Impact Of Warrant Introductions On The Underlying Stocks With A Comparison To Stock Options PDF Download

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The Impact of Warrant Introductions on the Underlying Stocks, with a Comparison to Stock Options

The Impact of Warrant Introductions on the Underlying Stocks, with a Comparison to Stock Options
Author: Niclas Hagelin
Publisher:
Total Pages:
Release: 2003
Genre:
ISBN:
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This paper investigates the impact of warrant and stock option introductions on the Swedish market. To our knowledge, this is the first attempt to investigate the impact of warrant introductions. The results suggest that warrant introductions have no real effect on the underlying stock. The evidence indicates, on average, that no significant impact occurs on the price, bid-ask spread, volatility, trading volume, or number of actual trading days of the underlying stocks in the year following the warrant introduction. This is in contrast to earlier evidence from stock option introductions and may be explained by the more complex nature of warrants. This indicates that (1) decreased liquidity caused by a diversion of trade from the stock to the warrant is nonexistent and (2) volatility estimates for valuation purposes, before the actual introduction, can be approximated by historical estimates. Furthermore, the introduction of stock options, in contrast to warrants, is found to have a positive effect on the underlying stocks. Volatility and bid-ask spreads are found to decrease, while results regarding changes in trading volumes are more uncertain. Finally, we note that the failure to document any impact from warrant introductions can be a result of infrequent trading in the warrants themselves. Therefore, a similar study performed on a more liquid warrant market would be of interest.

Sustainability of the Theories Developed by Mathematical Finance and Mathematical Economics with Applications

Sustainability of the Theories Developed by Mathematical Finance and Mathematical Economics with Applications
Author: Wing-Keung Wong
Publisher: MDPI
Total Pages: 382
Release: 2020-12-15
Genre: Business & Economics
ISBN: 3039365312
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The topics studied in this Special Issue include a wide range of areas in finance, economics, tourism, management, marketing, and education. The topics in finance include stock market, volatility and excess returns, REIT, warrant and options, herding behavior and trading strategy, supply finance, and corporate finance. The topics in economics including economic growth, income poverty, and political economics.

Business Periodicals Index

Business Periodicals Index
Author:
Publisher:
Total Pages: 1944
Release: 1998
Genre: Business
ISBN:
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Model Rules of Professional Conduct

Model Rules of Professional Conduct
Author: American Bar Association. House of Delegates
Publisher: American Bar Association
Total Pages: 216
Release: 2007
Genre: Law
ISBN: 9781590318737
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The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Angel Investing by the Numbers

Angel Investing by the Numbers
Author: Hambleton Lord
Publisher: Createspace Independent Publishing Platform
Total Pages: 144
Release: 2017-09-27
Genre:
ISBN: 9781977559944
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An in-depth guide for angel investors and entrepreneurs on early stage investing economics Written by two of Boston's most active and experienced angel investors, Angel Investing by the Numbers is a handbook and desk reference for both investors and entrepreneurs looking to better understand the numbers side of angel investing. In the book, we discuss in detail what you should know about the financial mechanics of early stage investing, including how valuation works, what effect it has on returns, and how the companies in your portfolio work together to drive your overall results. Just like the baseball team manager using a MoneyBall approach needs to really understand the statistics of the game, the successful investor employing our approach needs to understand the financial mechanics of investing. Overview of Contents: In this book we will cover important topics such as: 1) How to read, understand and utilize a Capitalization Table 2) How to place a proper value on an early stage company with a limited track record 3) What are some of the different financial pathways that can lead to a successful exit for companies and their angel investors 4) How to construct a portfolio that will improve the likelihood of successful returns 5) What the underlying financial math looks like in a top tier angel portfolio 6) What approaches to use to exercise options and buy restricted stock that minimize taxes and optimize your financial outcome Having a solid understanding of valuations, exit paths and portfolio construction might not sound like as much fun as baseball for many of our readers. But trust us, after investing in startups for a combined 25+ years and 100+ companies, we have learned the hard way and fully embrace the importance of mastering these important topics. Just because finance wasn't a focus in your career doesn't mean you can't understand the financial mechanics of angel investing - which is good because you cannot afford to ignore these realities!

Handbook of Quantitative Finance and Risk Management

Handbook of Quantitative Finance and Risk Management
Author: Cheng-Few Lee
Publisher: Springer Science & Business Media
Total Pages: 1700
Release: 2010-06-14
Genre: Business & Economics
ISBN: 0387771174
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Quantitative finance is a combination of economics, accounting, statistics, econometrics, mathematics, stochastic process, and computer science and technology. Increasingly, the tools of financial analysis are being applied to assess, monitor, and mitigate risk, especially in the context of globalization, market volatility, and economic crisis. This two-volume handbook, comprised of over 100 chapters, is the most comprehensive resource in the field to date, integrating the most current theory, methodology, policy, and practical applications. Showcasing contributions from an international array of experts, the Handbook of Quantitative Finance and Risk Management is unparalleled in the breadth and depth of its coverage. Volume 1 presents an overview of quantitative finance and risk management research, covering the essential theories, policies, and empirical methodologies used in the field. Chapters provide in-depth discussion of portfolio theory and investment analysis. Volume 2 covers options and option pricing theory and risk management. Volume 3 presents a wide variety of models and analytical tools. Throughout, the handbook offers illustrative case examples, worked equations, and extensive references; additional features include chapter abstracts, keywords, and author and subject indices. From "arbitrage" to "yield spreads," the Handbook of Quantitative Finance and Risk Management will serve as an essential resource for academics, educators, students, policymakers, and practitioners.