认股权证与可转换债券探讨(ppt 24页)（英文版）

认股权证与可转换债券探讨目录：
1、Warrants
2、The Difference between Warrants and Call Options
3、Warrant Pricing and the Black-Scholes Model (Advanced)
4、Convertible Bonds
5、The Value of Convertible Bonds
6、Reasons for Issuing Warrants and Convertibles
7、Why are Warrants and Convertibles Issued
8、Conversion Policy
9、Summary and Conclusions

 

认股权证与可转换债券探讨内容提要：
Warrants
Warrants are call options that give the holder the right, but not the obligation, to buy shares of common stock directly from a company at a fixed price for a given period of time.
Warrants tend to have longer maturity periods than exchange traded options.
Warrants are generally issued with privately placed bonds as an “equity kicker”.
Warrants are also combined with new issues of common stock and preferred stock, given to investment bankers as compensation for underwriting services.
In this case, they are often referred to as a Green Shoe Option.
Dilution Example
Imagine that Mr. Armstrong and Mr. LeMond are shareholders in a firm whose only asset is 10 ounces of gold.
When they incorporated, each man contributed 5 ounces of gold, then valued at $300 per ounce. They printed up two stock certificates, and named the firm LegStrong, Inc..
Suppose that Mr. Armstrong decides to sell Mr. Mercx a call option issued on Mr. Armstrong’s share. The call gives Mr. Mercx the option to buy Mr. Armstong’s share for $1,500.
If this call finishes in-the-money, Mr. Mercx will exercise, Mr. Armstrong will tender his share.
Nothing will change for the firm except the names of the shareholders.
Suppose that Mr. Armstrong and Mr. LeMond meet as the board of directors of LegStrong. The board decides to sell Mr. Mercx a warrant. The warrant gives Mr. Mercx the option to buy one share for $1,500.
Suppose the warrant finishes in-the-money, (gold increased to $350 per ounce). Mr. Mercx will exercise. The firm will print up one new share.

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