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Naust, H. Zur Optionsscheinbewertung mit Rücksicht auf die Kapitalverwässerung bei der Ausübung. Credit and Capital Markets – Kredit und Kapital, 27(2), 268-290. https://doi.org/10.3790/ccm.27.2.268
Naust, Hermann "Zur Optionsscheinbewertung mit Rücksicht auf die Kapitalverwässerung bei der Ausübung" Credit and Capital Markets – Kredit und Kapital 27.2, 1994, 268-290. https://doi.org/10.3790/ccm.27.2.268
Naust, Hermann (1994): Zur Optionsscheinbewertung mit Rücksicht auf die Kapitalverwässerung bei der Ausübung, in: Credit and Capital Markets – Kredit und Kapital, vol. 27, iss. 2, 268-290, [online] https://doi.org/10.3790/ccm.27.2.268

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Zur Optionsscheinbewertung mit Rücksicht auf die Kapitalverwässerung bei der Ausübung

Naust, Hermann

Credit and Capital Markets – Kredit und Kapital, Vol. 27 (1994), Iss. 2 : pp. 268–290

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Hermann Naust, Saarbrücken

References

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Abstract

Evaluation of Warrants bearing in Mind the Dilution of Capital when exercised

In practice, the difference between stock options and covered warrants on the one hand and warrants directly issued by public limited companies on the other is ignored in most cases, although it ought to be borne in mind that, when evaluating the latter, exercising warrants results in capital dilution and, thus, in an erosion of their own value. This analysis verifies the solution to be found in the literature for European call warrants. Subsequently, it develops an approximation formula permitting simple evaluation on the basis of the parameters and index figures customarily available. Where several types of directly issued warrants are involved, this analysis demonstrates the interdependencies that exist between evaluations of stock and evaluations of any of the other types of warrants. Here, the author makes the pragmatic proposal to ignore such other types of warrants.