Zur Optionsscheinbewertung mit Rücksicht auf die Kapitalverwässerung bei der Ausübung

Evaluation of Warrants bearing in Mind the Dilution of Capital when exercised In practice, the difference between stock options and covered warrants on the one hand and warrants directly issued by public limited companies on the other is ignored in most cases, although it ought to be borne in mind that, when evaluating the latter, exercising warrants results in capital dilution and, thus, in an erosion of their own value. This analysis verifies the solution to be found in the literature for European call warrants. Subsequently, it develops an approximation formula permitting simple evaluation on the basis of the parameters and index figures customarily available. Where several types of directly issued warrants are involved, this analysis demonstrates the interdependencies that exist between evaluations of stock and evaluations of any of the other types of warrants. Here, the author makes the pragmatic proposal to ignore such other types of warrants