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The impact of new issue of equity warrants on the Toronto Stock Exchange listed stocks

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The impact of new issue of equity warrants on the Toronto Stock Exchange listed stocks

Jeddi, Mohamed Ali (2004) The impact of new issue of equity warrants on the Toronto Stock Exchange listed stocks. Masters thesis, Concordia University.

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Abstract

This study empirically examines the impact of equity warrant introduction on the underlying stock on the Toronto Stock exchange. We investigate both the announcement and issuance price effect using an event study methodology with a 21 day event window. Taking into account outliers, it is shown that the introduction of equity warrants leads to a negative and permanent effect around both the announcement and issuance date. To test for the effect of warrant introduction on the volatility, we calculate the before and after, unadjusted and adjusted volatility to obtain the respective unadjusted and adjusted volatility ratios of the underlying stock. We find that no significant impact occurs on the volatility of the underlying stock neither at the announcement nor at the issuance event date.

Divisions:Concordia University > John Molson School of Business
Item Type:Thesis (Masters)
Authors:Jeddi, Mohamed Ali
Pagination:viii, 80 leaves : ill., facsims. ; 29 cm.
Institution:Concordia University
Degree Name:M. Sc. Admin.
Program:John Molson School of Business
Date:2004
Thesis Supervisor(s):Switzer, Lorne
ID Code:8093
Deposited By:Concordia University Libraries
Deposited On:18 Aug 2011 14:15
Last Modified:18 Aug 2011 14:15
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