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| Author: | Chen, K.C. Wu, L. |
| Title: | Introduction and expiration effects of derivative equity warrants in Hong Kong |
| Journal: | International Review of Financial Analysis
2001 : VOL. 10:1, p. 37-52 |
| Index terms: | DERIVATIVE SECURITIES WARRANTS HONG KONG |
| Language: | eng |
| Abstract: | This study empirically examines the impacts of introduction and expiration of derivative equity warrants on both price and trading volume of the underlying securities in Hong Kong. It is shown that the introduction of warrants leads to a significantly positive and permanent price effect. The expiration of warrants, however, causes a positive price effect on the expiration day and a negative price effect after expiration for in-the-money derivative equity warrants, and a negative price effect prior to expiration for out-of-the-money derivative equity warrants, respectively. |
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