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The Listing, Size, and Value of Equity Warrants

Author

Listed:
  • Ferri, Michael G
  • Moore, Scott B
  • Schirm, David C

Abstract

This note examines whether listing on a major exchange raises the value of warrants. Such an increase is plausible, given the generally small size of warrant issues and the enhanced liquidity that organized trading can provide. Using Black-Scholes pricing techniques, the study concludes that listing has a positive and substantial impact on the per unit price of seasoned warrant issues. Moreover, the tests indicate that the impact is so consistently large for small warrant issues that firms should consider listing these securities at the time of issuance. Copyright 1989 by MIT Press.

Suggested Citation

  • Ferri, Michael G & Moore, Scott B & Schirm, David C, 1989. "The Listing, Size, and Value of Equity Warrants," The Financial Review, Eastern Finance Association, vol. 24(1), pages 135-146, February.
    • Handle: RePEc:bla:finrev:v:24:y:1989:i:1:p:135-46
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    Cited by:

    1. McConnell, John J. & Dybevik, Heidi J. & Haushalter, David & Lie, Erik, 1996. "A survey of evidence on domestic and international stock exchange listings with implications for markets and managers," Pacific-Basin Finance Journal, Elsevier, vol. 4(4), pages 347-376, December.

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