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Author: Arnat Leemakdej
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
This study proposes a more complete model to pricing warrant by taking into account the expected cash infusion when warrants are exercised. The model can be extended to pricing the warrant of levered firm. In addition, the paper suggests an alternative test to examine the impact of warrant listing on volatility of the underlying stocks. The alternative test can avoid the bias from change in capital structure of the sample. This bias partly explains contradicting empirical results found in previous literature. Using daily data during 1994 to 1997 of warrants listed on the Stock Exchange of Thailnd, it finds that there exists the impact which helps stabilizing the volatility of underlying stock and pull down stock price.
Author: Arnat Leemakdej
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
This study proposes a more complete model to pricing warrant by taking into account the expected cash infusion when warrants are exercised. The model can be extended to pricing the warrant of levered firm. In addition, the paper suggests an alternative test to examine the impact of warrant listing on volatility of the underlying stocks. The alternative test can avoid the bias from change in capital structure of the sample. This bias partly explains contradicting empirical results found in previous literature. Using daily data during 1994 to 1997 of warrants listed on the Stock Exchange of Thailnd, it finds that there exists the impact which helps stabilizing the volatility of underlying stock and pull down stock price.
Author: Andrew McHattie
Publisher: Harriman House Limited
ISBN: 9781897597200
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
The traditional company warrants market is set to be eclipsed by a new market which should offer huge opportunities for active investors. Revised regulations have paved the way for a new 'covered warrants' market in London.- The number of warrants available for trading by private investors on the London Stock Exchange (LSE) will multiply many times over.- Warrants will become available on a broad range of blue-chip companies, sector baskets, and on both UK and overseas indices.- Investors will be able to buy both calls and puts.- The vast majority of the new warrants will be exercisable for cash which will mean they can be traded free of stamp duty.This book is intended as a primer for investors new to covered warrants, although more experienced investors may also find some value in the timely information about the formation of the new market in London. Readers used to dealing in traditional listed warrants in the UK will find the new covered warrants quite different. Jargon is unavoidable, but it is explained in the text and in the glossary at the back.
Author: Greg N. Gregoriou
Publisher: CRC Press
ISBN: 1439804508
Category : Business & Economics
Languages : en
Pages : 870
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Book Description
Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, su
Author: Jack D. Glen
Publisher: World Bank Publications
ISBN: 9780821331101
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
IFC Discusssion Paper No. 24. Investors' interest in emerging markets has grown significantly in recent years because of potential high returns and the benefits of diversification. Despite this increased activity, there remains little information o
Author: United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 868
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Book Description
Author: Jack Clark Francis
Publisher: John Wiley & Sons
ISBN: 9780471326038
Category : Business & Economics
Languages : en
Pages : 742
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Book Description
Aktienderivate gehören zu den populärsten Derivatprodukten, die von institutionellen Anlegern gehandelt werden. Ein Aktienderivat ist ein Future oder eine Option auf Aktien oder Aktienindices. Zu den traditionellen Aktienderivaten gehören Optionsscheine, Optionen, Futures und Aktienindexfutures. Das "Handbook of Equity" ist eine vollständige und umfassende Überarbeitung des ersten und einzigen Buches zu diesem Thema. Herausgegeben von führenden Köpfen der Branche - darunter Nobelpreisträger Fischer Black, John Braddock und Mark Rubenstein - enthält es wichtige neue Informationen zu Aktienindexfutures und -optionen und erweitert die mathematische Diskussion um das Black & Scholes-Modell. (11/99)
Author: Ms.Anna Ilyina
Publisher: International Monetary Fund
ISBN: 1589062914
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.
Author: McKinsey & Company Inc.
Publisher: John Wiley & Sons
ISBN: 0470889969
Category : Business & Economics
Languages : en
Pages : 866
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Book Description
McKinsey’s Trusted Guide to Teaching Corporate Valuation is Back and Better than Ever Designed for classroom use, Valuation, University Edition Fifth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to trust. Fully Revised and Updated, NEW FEATURES to the Fifth Edition include: ALL NEW CASE STUDIES that illustrate how valuation techniques and principles are applied in real-world situations NEW CONTENT on the strategic advantages of value-based management EXPANDED to include advanced valuation techniques UPDATED to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective Valuation, Fifth Edition remains true to its roots with a solid framework for valuation through key concepts such as: Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics Estimating the cost of capital with practical tips that aren't found in textbooks Interpreting the results of a valuation in light of a company's competitive situation Linking a company's valuation multiples to the core drivers of its performance. The University Edition contains the same key chapters as Valuation Fifth Edition but expands on them to enhance classroom application with End of Chapter Summaries and Review Questions to help students master key concepts from each chapter before moving on to the next. For professors, Wiley offers an Online Instructor’s Manual with a full suite of resources exclusive to adopting professors. Contact your rep for more information.
Author: Ms.Laura E. Kodres
Publisher: International Monetary Fund
ISBN: 145184297X
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Recent interest in futures contracts on emerging market currencies has raised concerns among some central bank authorities about their ability to maintain stable currencies. This paper presents empirical results examining the influence of the Mexican peso, the Brazilian real, and the Hungarian forint futures contracts on the respective spot markets. While measures of linear dependence and feedback indicate strong connections between the respective markets, futures volatility does not significantly explain spot market volatility, nor does it increase after futures introductions. To account for the characteristics of the spot and futures returns a SWARCH model has been employed to estimate volatility.
Author: Kathryn C. Lavelle
Publisher: Oxford University Press
ISBN: 019803881X
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
