Analysis of equity warrants as investment and finance instruments:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Tilburg
Tilburg Univ. Press
1992
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 306 S. |
| ISBN: | 9036198720 |
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| 100 | 1 | |a Veld, Chris |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Analysis of equity warrants as investment and finance instruments |c Chris Veld |
| 264 | 1 | |a Tilburg |b Tilburg Univ. Press |c 1992 | |
| 300 | |a XIV, 306 S. | ||
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Datensatz im Suchindex
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| adam_text | CONTENTS OF THE STUDY
CHARTER 1: PROBLEM DEFINITION AND INTRODUCTION 1
1.1. Introduction 1
1.2. Problem definition 1
1.3. Structure of this study 2
CHAPTER 2: CHARACTERISTICS OF EQUITY CALL WARRANTS 5
2.1. Introduction 5
2.2. Warrant: what s in a name? 5
2.3. The place of warrants in the family of options 8
2.3.1. A classification of securities 8
2.3.2. Call warrants 11
2.3.3. Call options in a strict sense 12
2.3.4. Put warrants 13
2.3.5. Put options in a strict sense 15
2.3.6. Conclusion 15
2.4. Different types of equity call warrants 15
2.4.1. Introduction 15
2.4.2. Warrants versus conversion rights 16
2.4.3. Warrants versus preemptive rights 18
2.5. Origins of warrants 19
2.6. Dutch warrants 20
2.7. Warrant conditions 21
2.7.1. Introduction 21
2.7.2. Free transferability 22
2.7.3. The time to maturity 22
2.7.4. The exercise period 25
2.7.5. The warrant ratio 27
2.7.6. The exercise price 27
2.7.7. The anti dilution clause 31
2.7.8. Special warrant types 40
2.8. Resemblances and differences berween different types of equity
call options in a broad sense 41
2.9. Accounting aspects of warrants 44
2.10. Fiscal aspects of warrants 47
2.11. Summary and conclusions 50
Appendix 2A: Warrants issued in The Netherlands by Dutch companies from
January 1, 1976 to December 31, 1991 53
Appendix 2B: The application of anti dilution clauses in trust agreements
of warrants issued by Dutch companies in The Netherlands from
January 1, 1976 to December 31, 1991 54
viii
CHAPTER 3: THE USE OF WARRANTS AS INVESTMENT
INSTRUMENTS: A REVIEW OF THEORETICAL
AND EMPIRICAL RESEARCH 57
3.1. Introduction 57
3.2. Option pricing models 58
3.3. Example of an ad hoc model: the Kassouf model 58
3.4. The Black/Scholes model 59
3.5. Alternatives for the Black/Scholes model 60
3.5.1. Introduction 60
3.5.2. The Merton model 62
3.5.3. The Dividend Adjusted B/S model 62
3.5.4. The Black model 63
3.5.5. The Roll Geske Whaley model 63
3.5.6. The American Constant Variance model 65
3.5.7. The Binomial model 65
3.5.8. The Constant Elasticity of Variance model 66
3.5.9. Conclusion 67
3.6. The estimation of the standard deviation 68
3.6.1. The historical and the implied standard deviation 68
3.6.2. Tests of the historical and the implied standard deviation 69
3.6.3. The term structure of volatility 71
3.6.4. Exercise price biases 72
3.7. Empirical tests of option pricing models for the valuation of call options 73
3.7.1. Introduction 73
3.7.2. A direct test on the relation of the standard deviation and
the stock price 73
3.7.3. The comparison of model and market prices for call options 73
3.7.4. Conclusion 75
3.8. Complications in the use of option pricing models for the valuation
of warrants 75
3.8.1. Introduction 75
3.8.2. The dilution problem 76
3.8.2.1. Introduction 76
3.8.2.2. The Galai and Schneller approach 76
3.8.2.3. The dilution correction for outstanding warrants 78
3.8.2.4. Block exercise versus sequential exercise 81
3.8.3. A limited possibility to go short in warrants 87
3.8.4. Special exercise provisions 88
3.8.5. Conclusion 88
3.9. Empirical tests of option pricing models for the valuation of warrants:
studies in which model and market prices for warrants are compared 89
3.9.1. Introduction 89
3.9.2. The estimation of the standard deviation 90
ix
3.9.3. The dilution correction 91
3.9.4. A classification of warrant pricing studies, according to the
estimation of the standard deviation and the dilution correction 91
3.9.5. Model prices calculated with historical standard deviations:
the case for no dilution corrected option pricing models 93
3.9.6. Model prices calculated with historical standard deviations: the
case for option pricing models multiplied by the dilution factor 98
3.9.7. Model prices calculated with implied standard deviations from
warrant prices: the case for dilution corrected option pricing
models 101
3.9.8. Model prices calculated with implied standard deviations from
warrant prices: the case for no dilution corrected option
pricing models 103
3.9.9. Model prices calculated with implied standard deviations from
call option prices: the case for no dilution corrected option
pricing models 105
3.9.10. A study of newly issued warrants 105
3.9.11. Conclusion 106
3.10. Empirical tests of option pricing models for the valuation of warrants:
an analysis of callable warrants 107
3.11. Summary and conclusions 108
Appendix 3A: The Cox and Rubinstein model 111
CHAPTER 4: THE USE OF WARRANTS AS INVESTMENT
INSTRUMENTS: EMPIRICAL RESEARCH FOR
THE DUTCH WARRANT MARKET 113
4.1. Introduction 113
4.2. The comparison of model and market prices for Dutch warrants 114
4.2.1. Methodology n4
4.2.2. Sample selection 114
4.2.3. Data description *17
4.2.4. The estimation of the standard deviation 118
4.2.5. Results 119
4.2.6. Conclusion 125
4.3. The comparison of model and market prices for Dutch covered warrants 125
4.4. The comparison of model and market prices for Dutch long term
call options 126
4.4.1. Sample selection and data description 126
4.4.2. Results 1ZB
4.4.3. Conclusion 13
4.5. A direct comparison of Dutch warrant and long term call option prices 132
4.6. The comparison of implied standard deviations from Dutch warrants,
covered warrants, long term call options and short term call options 134
X
4.6.1. Methodology 134
4.6.2. Sample selection 135
4.6.3. Data description 137
4.6.4. Test procedure 138
4.6.5. Results 139
4.6.6. Conclusion 146
4.7. Possible explanations for the overvaluation of warrants in relation
to long term call options 146
4.8. Interviews with large investors 150
4.8.1. Introduction 150
4.8.2. The selection of investors to be interviewed 150
4.8.2.1. The investor categories to be interviewed 150
4.8.2.2. The selection of pension funds 151
4.8.2.3. The selection of insurance companies 151
4.8.2.4. The selection of investment funds 152
4.8.2.5. The definite sample 152
4.8.3. The actual position in warrants 154
4.8.4. Limitations for investments in options and warrants 158
4.8.5. The choice between warrants and call options 158
4.8.6. Limitations in taking short positions in warrants 159
4.8.7. Conclusion 161
4.9. Problems in the calculation of implied standard deviations from
conversion rights 161
4.10. Summary and conclusions 167
Appendix 4A: Warrants outstanding in our research period 169
Appendix 4B: Errors for each warrant per interval of the research period 170
Appendix 4C: Long term call options outstanding in our research period 178
Appendix 4D: Errors for each long term call option per interval of the
research period 179
Appendix 4E: Trading volumes for warrants and long term call options in 1989 185
Appendix 4F: Transaction costs for warrants and call options 188
Appendix 4G: The institutions and executives included in the survey 189
CHAPTER 5: THE USE OF WARRANTS AS FINANCE INSTRU¬
MENTS: A REVIEW OF THEORETICAL AND
EMPIRICAL RESEARCH 191
5.1. Introduction 191
5.2. Capital structure theory 192
5.2.1. The Modigliani/Miller irrelevance proposition 192
5.2.2. The existence of market imperfections, market inefficiencies
and market incompleteness 192
5.2.3. Corporate taxes 193
5.2.4. Bankruptcy costs I94
xi
5.2.5. Income taxes 195
5.2.6. Signalling 195
5.2.7. Agency costs 1%
5.2.8. Flotation costs 19g
5.2.9. A conclusive remark 198
5.3. Motives for the use of convertible bonds and warrant bond packages 198
5.4. Traditional motives for the use of convertible bonds and warrant bond
packages 199
5.4.1. Introduction 199
5.4.2. A deferred sale of stock at an attractive price 200
5.4.3. A cheap form of capital 200
5.5. Modern motives for the use of convertible bonds and warrant bond
packages 204
5.5.1. Introduction 204
5.5.2. An underestimation of the true costs of convertible bonds 205
5.5.3. The relative insensitivity to the risk of the issuing company 206
5.5.4. A means to resolve liquidity problems 210
5.5.5. A reduction in flotation costs 211
5.5.6. Accounting benefits 211
5.5.7. Fiscal benefits 212
5.5.8. The case of undervalued stock 212
5.5.9. The case of overvalued stock 213
5.5.10. The case of overvalued warrants 214
5.5.11. Market incompleteness 214
5.5.12. A conclusive remark 215
5.6. The choice between convertible bonds and warrant bond packages versus
puttable common stock 215
5.6.1. Introduction 215
5.6.2. Advantages of convertible bonds over puttable common stock 216
5.6.2.1. A fiscal advantage: the deducibility of interest costs 216
5.6.2.2. Legal restrictions to the use of put warrants whereas
there are no legal restrictions to the use of
convertibles 216
5.6.3. Advantages of puttable common stock over convertible bonds 216
5.6.3.1. A reduction in liquidation costs 216
5.6.3.2. The resolution of specific agency problems 217
5.63.3. The accounting treatment of puttable common
stock as equity L1
5.6.4. A conclusive remark
5.7. The choice between convertible bonds and warrant bond packages 218
5.7.1. Introduction 218
5.7.2. Extra possibilities in case of the warrant bond loan 219
5.7.2.1. A difference from the investors view: detachabihty
versus non detachability 219
xii
5.7.2.2. The possibility to attract equity from warrant exercise
while the accompanying bonds are still outstanding 220
5.7.3. Motives for the use of warrant bond loans over convertible bond
loans based on market imperfections 222
5.7.3.1. The reduction of specific marketing costs 223
5.7.3.2. The possibility to swap the bonds 224
5.7.3.3. A larger choice in accounting possibilities 224
5.7.3.4. More favourable stock price reactions to announce¬
ments of issues of warrant bond packages than to
announcements of issues of convertible bonds 225
5.7.4. Motives for the use of convertible bond loans over warrant bond
loans based on market imperfections 226
5.7.4.1. The reduction of specific marketing costs 227
5.7.4.2. Lower flotation costs 228
5.7.4.3. Alleged fiscal benefits 228
5.7.4.4. A financial weakness image of warrant bond packages 229
5.7.5. A conclusive remark 229
5.8. Motives for the use of share warrant packages 230
5.9. Motives for the use of separate issues of warrants 231
5.9.1. Introduction 231
5.9.2. An issue of warrants for cash 231
5.9.3. An issue of warrants as a (partial) payment for a merger
or take over 232
5.9.4. An issue of warrants in a reorganization 232
5.9.5. An issue of warrants as a dividend payment 232
5.9.6. A conclusive remark 233
5.10. Motives for the use of warrants in an anti takeover amendment 233
5.11. Motives for the use of warrants as a form of employee compensation 234
5.11.1. Introduction 234
5.11.2. A reduction of agency costs 235
5.11.3. Fiscal benefits 236
5.11.3.1. The Th percentage rule 236
5.11.3.2. A comparison of fiscal and model values 237
5.11.3.3. The exemption of employee stock options from Dutch
income tax 239
5.11.4. Accounting benefits 240
5.11.5. A conclusive remark 241
5.12. Motives for the use of warrants as a reward for investment banker s
services 242
5.13. Summary and conclusions 241
Appendix 5A: Convertible bonds issued in The Netherlands by Dutch companies
from January 1, 1976 to December 31, 1991 243
xiii
CHAPTER 6: THE USE OF WARRANTS AS FINANCE INSTRUMENTS:
A SURVEY OF MOTIVES FOR DUTCH COMPANIES
THAT HAVE ISSUED WARRANT BOND PACKAGES 245
6.1. Introduction 245
6.2. Reasons for the use of inquiries 245
6.3. Sample description 246
6.4. Methodology 249
6.5. Results 249
6.5.1. The traditional motives 249
6.5.2. The modern motives 251
6.5.3. The choice between warrant bond packages and puttable
common stock 252
6.5.4. The choice between warrant bond packages and convertible bonds 252
6.6. Summary and conclusions 254
Appendix 6A: The companies and executives included in the survey 255
CHAPTER 7: AN ANALYSIS OF JAPANESE WARRANTS 257
7.1. Introduction 257
7.2. Institutional setting 258
7.2.1. Japanese financial institutions 258
7.2.2. The domestic market 258
7.2.3. The international markets 259
7.3. The use of Japanese warrant bond loans in the international and the
domestic markets 259
7.3.1. Introduction 259
7.3.2. The use of dollar denominated Eurobonds with warrants by
Japanese companies 260
7.3.3. The use of Japanese warrant bond loans in the domestic market 261
7.3.4. The use of warrant bond loans denominated in European
currencies by Japanese companies 262
7.4. Characteristics of Japanese warrants 264
7.5. The valuation of Japanese warrants 266
7.5.1. Special valuation problems 266
7.5.2. The violation of boundary conditions for Japanese warrants 279
7.5.3. A comparison of model and market prices for Japanese warrants 270
7.6. Motives for the use of Japanese warrant bond loans 271
7.6.1. Introduction 271
7.6.2. Japanese legislation
7.6.3. Accounting benefits
7.6.4. Market incompleteness
7.7. The choice for Japanese companies between warrant bond loans and
convertible bond loans
xiv
7.7.1. Introduction 274
7.7.2. Motives for Japanese companies to choose warrant bond
loans over convertible bond loans 274
7.7.3. Motives for Japanese companies to choose convertible bond
loans over warrant bond loans 275
7.8. Spin offs of the Japanese warrant bond market 275
7.8.1. Covered warrants 275
7.8.2. Basket warrants 276
7.9. Summary and conclusions 277
CHAPTER 8: SUMMARY AND CONCLUSIONS 279
8.1. Summary 279
8.2. Conclusions and topics for future research 283
NEDERLANDSE SAMENVATTING (Summary in Dutch) 285
REFERENCES (Academic papers and books) 291
REFERENCES (Non academic papers and books) 304
|
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| id | DE-604.BV005883008 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T16:36:17Z |
| institution | BVB |
| isbn | 9036198720 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-003684177 |
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| owner | DE-384 DE-12 |
| owner_facet | DE-384 DE-12 |
| physical | XIV, 306 S. |
| publishDate | 1992 |
| publishDateSearch | 1992 |
| publishDateSort | 1992 |
| publisher | Tilburg Univ. Press |
| record_format | marc |
| spelling | Veld, Chris Verfasser aut Analysis of equity warrants as investment and finance instruments Chris Veld Tilburg Tilburg Univ. Press 1992 XIV, 306 S. txt rdacontent n rdamedia nc rdacarrier Financiering gtt Investeringen gtt Optiehandel gtt Warrants gtt Stock warrants Finanzierung (DE-588)4017182-6 gnd rswk-swf Optionsschein (DE-588)4172658-3 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Optionsschein (DE-588)4172658-3 s Finanzierung (DE-588)4017182-6 s Kapitalanlage (DE-588)4073213-7 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003684177&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Veld, Chris Analysis of equity warrants as investment and finance instruments Financiering gtt Investeringen gtt Optiehandel gtt Warrants gtt Stock warrants Finanzierung (DE-588)4017182-6 gnd Optionsschein (DE-588)4172658-3 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4172658-3 (DE-588)4073213-7 |
| title | Analysis of equity warrants as investment and finance instruments |
| title_auth | Analysis of equity warrants as investment and finance instruments |
| title_exact_search | Analysis of equity warrants as investment and finance instruments |
| title_full | Analysis of equity warrants as investment and finance instruments Chris Veld |
| title_fullStr | Analysis of equity warrants as investment and finance instruments Chris Veld |
| title_full_unstemmed | Analysis of equity warrants as investment and finance instruments Chris Veld |
| title_short | Analysis of equity warrants as investment and finance instruments |
| title_sort | analysis of equity warrants as investment and finance instruments |
| topic | Financiering gtt Investeringen gtt Optiehandel gtt Warrants gtt Stock warrants Finanzierung (DE-588)4017182-6 gnd Optionsschein (DE-588)4172658-3 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Financiering Investeringen Optiehandel Warrants Stock warrants Finanzierung Optionsschein Kapitalanlage |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003684177&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT veldchris analysisofequitywarrantsasinvestmentandfinanceinstruments |