Abstract：Traditional pricing models of equity warrants are based on either stock return variance or firm-value variance.This paper discussed some properties of the warrant pricing model based on firm-value variance.The comparison of the pricing models based on stock return variance or firm-value variance was presented.We also provided the empirical analysis of Changdian warrant,and found that the warrants pricing formula based on firm-value variance was more accuracy than traditional pricing models from the empirical results.
2012, Vol. 36 
