{"id":1087,"date":"2025-08-24T12:55:37","date_gmt":"2025-08-24T08:55:37","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1087"},"modified":"2026-04-11T13:52:12","modified_gmt":"2026-04-11T09:52:12","slug":"equity-beta-warrants","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/08\/24\/equity-beta-warrants\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10d3\u10d4\u10e0\u10d8\u10d5\u10d0\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u03b2-\u10d6\u10d4<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Below is a chart showing how dramatically a company\u2019s equity beta can change with the expiration of derivative securities:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-50.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1697\" height=\"1151\" data-attachment-id=\"7038\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/24\/equity-beta-warrants\/image-504\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-50.png?fit=1697%2C1151&amp;ssl=1\" data-orig-size=\"1697,1151\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-50.png?fit=1024%2C695&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-50.png?resize=1697%2C1151&#038;ssl=1\" alt=\"\" class=\"wp-image-7038\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong> <em>Corporate Valuation: Theory, Evidence and Practice<\/em><br \/>Mark E. Zmijewski; Robert W. Holthausen<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A company\u2019s overall <strong>Cost of Equity<\/strong> is the weighted average of the capital costs of its common stock and the derivatives tied to that stock (such as options, warrants, and stock-based compensation).<\/li>\n\n\n\n<li>The <strong>cost of capital and beta of derivatives<\/strong> are always higher than those of the underlying stock, since derivatives are, in essence, leveraged instruments.<\/li>\n\n\n\n<li>When the share of options and other derivatives in the firm\u2019s equity increases, the beta and cost of common stock decrease.<br \/>However, the overall weighted average remains unchanged.<br \/>(For example: if a firm issues options and uses the proceeds to repurchase common shares, the total cost of equity stays the same, but the distribution between instruments changes.)<\/li>\n\n\n\n<li>The cost of derivative-based equity can be calculated using both <strong>CAPM<\/strong> and the <strong>Black\u2013Scholes model<\/strong>:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-51.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"919\" height=\"260\" data-attachment-id=\"7041\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/24\/equity-beta-warrants\/image-505\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-51.png?fit=919%2C260&amp;ssl=1\" data-orig-size=\"919,260\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-51.png?fit=919%2C260&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-51.png?resize=919%2C260&#038;ssl=1\" alt=\"\" class=\"wp-image-7041\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udccc <strong>Conclusion:<\/strong><br \/>These formulas emphasize that when valuing equity, it is crucial to account for the weight of derivative instruments. In some cases, their share can be large enough to materially affect both the estimated cost of equity and its beta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udcda <strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong><br \/><em>Corporate Valuation: Theory, Evidence and Practice<\/em><br \/>Mark E. Zmijewski; Robert W. Holthausen, Second Edition<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>","protected":false},"excerpt":{"rendered":"<p>\u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10dd\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd, \u10d8\u10e1\u10d4 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d0\u10db. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d0\u10e5 \u10db\u10d8\u10dc\u10d3\u10d0 \u10d4\u10e0\u10d7 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d0\u10d3 \u10d2\u10d0\u10dc\u10ee\u10d8\u10da\u10e3\u10da \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d6\u10d4 \u10d5\u10d8\u10e1\u10d0\u10e3\u10d1\u10e0\u10dd \u2013 \u10d2\u10d0\u10e0\u10d0\u10dc\u10e2\u10d8\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d6\u10d4 \u10db\u10d8\u10d1\u10db\u10e3\u10da\u10d8 \u10e1\u10ee\u10d5\u10d0 \u10d9\u10dd\u10db\u10de\u10d4\u10dc\u10e1\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10d6\u10d4. \u10e5\u10d5\u10d4\u10db\u10dd\u10d7 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10d6\u10d4 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10d3\u10e0\u10d0\u10db\u10d0\u10e2\u10e3\u10da\u10d0\u10d3 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":7038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,106538530,37372,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445710],"eon_idea":[784445705,784445690,784445692],"eon_framework":[],"class_list":["post-1087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-derivatives","category-risk","category-wacc-coc-structure","eon_level-advanced","eon_source-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthause","eon_idea-derivatives","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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