The Valuation Effects of Warrant Extensions
研究认股权证延期公告对权证价格和股票价格的影响，发现权证价格上升，且公告公司股票平均出现正异常回报，支持市场将延期视为股价利好信号的预期假说。
ABSTRACT In this paper, we examine the warrant price and stock price reactions to the announcement of warrant life extensions. As predicted by option‐pricing theory, warrant prices increase in response to an extension. Our principal finding is that the stocks of firms making the extension announcements experience positive abnormal returns on average. We interpret the evidence as supportive of an anticipation hypothesis in which the market perceives the decision to extend the warrants' expiration date as a favorable indication for the stock price before the subsequent expiration.