The crucial implication is that exercise of the option changes the number of claims against the corporation's assets. Empirically, warrants are options with a long time to expiration, which may be several or many years, or even decades or an infinite time. An option on asset A that party B issues and lists on an exchange. Party B might a corporation, a government, etc. Derivative products whose values depend on risky weather variables, such as temperature, precipitation, or dollar damage from extreme weather.
Historical results depend on the historical period.
With global warming and El Nino , pricing isn't simple. Catastrophe contracts are simple ways of laying off weather risk. W.I. Carr Indosuez of Hong Kong created and listed widgets on the Luxembourg Stock Exchange. The main advantage is reducing the transaction cost for investing in a basket of shares. Each WEBS share is a claim on a portfolio of publicly traded shares in a particular country.