It also depends on the type of warrants. Generally a warrant is different from a call option in that the former has a "dilution effect" as exercising the warrants will increase the existing shares. However, most warrants you see in the market (i.e. HK and Taiwan) are so called "covered warrants" - there will be no "dilution" effects as they are issued (meaning repackaged) by brokerage firms - and these "covered warrants" are primiarily used for speculative margin trading.

The pricing of warrants is similar to that of options - John Hull and Allen White has a brief article about that in their classic text book.

第一，权证的发行会稀释股权，而期权的买卖不会对股本总数产生影响。

第二，权证的价值没有期权大。