The exercise of a warrant leads to the well-known dilution phenomenon, whose effects have been extensively studied over the last four decades. In contrast, the existing literature has paid inadequate attention to the volatility spillover between stockholders and warrant holders. This...

Il classico principio generale, secondo cui il valore di un'attivita' e' determinato dalla somma dei flussi di cassa futuri attesi generati dalla stessa, scontati ad un tasso che dipende dalla loro rischiosita', si frammenta nel campo della valutazione di attivita' corporate (progetti...

At a first approximation, equity warrants are option-like securities: in fact, they are transferable certificates which entitle the holder to buy a specific number of shares of the issuing company, at a given price, at an agreed time in the future. Accordingly, the pricing of warrants is usually...

The recent interest in the valuation of the benefits from debt financing arises from the disagreement in the financial literature about the meaning of ldquo;value of tax shields.rdquo; Although it is accepted that the tax deductibility of interest increases the value of the firm, the correct...

<section xml:id="fut21617-sec-0001"> We propose an innovative theoretical model to determine the optimal hedge ratio (OHR) with futures contracts as the minimizer of a quantile risk measure. This class of measures is very large and allows to recover the minimum‐VaR and the minimum‐expected shortfall hedge ratios as special...</section>

The recent interest in the valuation of the benefits from debt financing arises from the disagreement in the financial literature about the meaning of ‘value of tax shields’. Although it is accepted that the tax deductibility of interest increases the value of the firm, the correct valuation...