Calls of Warrants: Timing and Market Reaction
研究可赎回认股权证的赎回时机与市场反应，发现赎回几乎立即执行，公告时股价下跌约3%，完成时反弹7%，整体获得约4%的超额收益。
ABSTRACT This paper examines the timing of, and reaction to, calls of callable warrants. Three main findings emerge. First, unlike convertible bonds or preferred stock, callable warrants are called almost as soon as possible. Second, there is a negative price reaction of about 3 percent when a call is announced. Finally, at the completion of a call, the stock price rebounds by an average of 7 percent. The total reaction from announcement through completion of the call is a positive excess return of about 4 percent.