haku: @author Leonard, D. C. / yhteensä: 3
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| Tekijä: | Leonard, D. C. Solt, M. E. |
| Otsikko: | On using the Black-Scholes model to value warrants |
| Lehti: | Journal of Financial Research
1990 : SUM, VOL. 13:2, p.81-92 |
| Asiasana: | MODELS FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | The authors examine ad hoc procedures which employ the Black-Scholes (BS) model in the valuation of warrants. Findings indicate that the BS model unadjusted for dividends or dilution undervalues warrants. An adjustment for dilution improves the valuation for longer-term warrants that do not pay dividends. For dividend-paying firms, the observations demonstrate that it is better to adjust for dividends than for warrants in certain cases. |
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