January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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17.4 Stock Purchase Warrants
LG5
Stock purchase warrants are similar to stock rights, which were briefly described in Chapter 7. Stock purchase warrants give their holders the right to purchase a certain number of shares of the issuer’s common stock at a specified price over a certain period of time. Holders of warrants earn no income until they exercise or sell their warrants. Warrants also bear some similarity to convertibles in that they provide for the injection of additional equity capital into the firm at some future date.
Key Characteristics
Firms often attach warrants to debt issues as “sweeteners.” When a firm sells a large bond issue, the attachment of stock purchase warrants may add to the marketability of the issue and lower ...
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