Managers can decide to reduce a warrant’s exercise price. A reduction in exercise price can induce exercise (a conversion-forcing reduction) or not (a long-term reduction). Conversionforcing firms show an abnormal return of -1.53% on the announcement day but they perform well over the three years following the announcement. This finding suggests that the funds raised from warrant exercise are i...

This paper studies warrant valuation using a reduced-form model. Analogous to the credit risk literature, structural models require complete information about the asset value process and the firm’s liabilities. In contrast, reduced-form models require only information about the firm’s stock price process. We introduce a reduced-form model where the warrant holder is a price taker, and we relate...

This paper fortifies and defends the so called Sufficiency Argument (SA) against Classical Invariantism. In Sect. 2, I explain the version of the SA formulated but then rejected by Brown (2008a). In Sect. 3, I show how cases described by Hawthorne (2004), Brown (2008b), and Lackey (forthcoming) threaten to undermine one or the other of the SA’s least secure premises. In Sect. 4, I buttress one ...

primordial nature, is the basis of islamic anthropology. according to the principles of transcendental philosophy could provide a tenable explanation of the nature. the nature in its specific sense is insight and tendencies of human nature. primordial nature can be regarded in terms of both ontological and epistemological notions. the nature in general epistemology could be defensible on the ba...