The Valuation of Multiple Stock Warrants Kian-Guan Lim * Eric Terry † September 2002 * Professor of Finance, School of Business, Singapore Management University, 469 Bukit Timah Road, Singapore 259756. Email: kglim@smu.edu.sg † Associate Professor, Department of Finance, Vance Academic Center #427, 1615 Stan- ley Street, Central Connecticut State University, New Britain, CT 06050. The research assistance of Chang Shiwei is acknowledged. The first author is also grateful for a research grant by the Institute of High Performance Computing.