The pricing models of covered warrants and empirical study in thin markets and developed markets

his paper aims to present three models including Binomial, Trinomial and Black-Scholes model,used to price the value of covered warrants, based on the value of their underlying assets. Moreover, based on these valuation models, the paper conducts the empirical study in thin markets (Hong Kong and Singapore) and developed markets (Australia and the UK) to select which is the best model for each type of market.