Accounting & Investement Dictionary
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An alphabetical listing of General terms and items.
Fifth letter of a Nasdaq stock symbol specifying the issue is the voting stock of the company.
Theory that says a country's trade deficit will initially worsen after its currency depreciates because higher prices on foreign imports will more than offset the reduced volume of imports in the short run.
A statistic from "The Stock Traders Alamanac" reflecting, with 88% accuracy, that the overall stock market rises in a year when the S&P is up in the month of January and drops when the index for that month is down.
Refers to the historical pattern that stock prices rise in the first few days of January. Studies have suggested this holds only for small-capitalization stocks. In recent years, there is less evidence of a January effect.
Japanese equivalent of Nasdaq.
See: Japanese Association of Securities Dealers Automated Quotation System
See: Graduated payment mortgage
An index that uses the capital asset pricing model to determine whether a money manager outperformed a market index. The alpha of an investment or investment manager.
(just-in-time) inventory: An inventory system that allows for the elimination of inventory stockpiles and inefficiency and waste; raw materials arrive "just in time" for production and finished goods "just in time" for sale.
A term for a market maker used on the London Stock Exchange.
Established in 1886, the Johannesburg Stock Exchange is the only stock exchange in South Africa. Gold and mining stocks form the majority of shares listed.
An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities, or an account owned jointly by two or more persons at a bank or brokerage house.
A type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.
A bond that is guaranteed by the issuer and a party other than the issuer.
Firms that clear on more than one exchange.
A form of business organization that falls between a corporation and a partnership. The company sells stock, and its shareholders are free to sell their stock, but shareholders are liable for all debts of the company.
Tax return filed by two people, usually spouses.
In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.
An agreement between two or more firms to undertake the same business strategy and plan of action.
Municipal bond underwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is responsible for selling 20% of the unsold bonds even if has already sold 25% of the total debt issue, for example. See: Severally but not jointly.
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An extreme defensive tactic employed by the management of a target corporation to prevent a hostile takeover. The defensive tactics are so extreme that they typically lead to the destruction of the target corporation. See: Suicide.
An accounting record in which transactions are first entered; provides a chronological record of all business activities.
A recording of a transaction where debits equal credits; usually includes a date and an explanation of the transaction.
See: Johannesburg Stock Exchange
A certificate of deposit in increments of $100,000.
Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies.
Used in the context of general equities. (1) Deal in which no trading house has exclusivity (each firm is in direct competition for a piece of business); (2) no preference in picking a particular side (buy/sell) of a stock as profile, indicated during the block call, indicate that the salesforce could have the stock either way.
Debt whose holders have a claim on the firm's assets only after senior debtholder's claims have been satisfied. Subordinated debt.
A debt or equity issue from one corporation over which the issue of another firm takes precedence with respect to dividends, interest, principal, or security in the event of liquidation.
A mortgage that will be satisfied only after more senior mortgages have been satisfied. e.g., a first mortgage will be satisfied prior to a second or a third mortgage.
Issuing of new securities to refinance government debt that matures in one to five years.
A security that has a lower-priority claim on a company's assets and income than a senior security. For example common stock is junior to preferred stock.
A bond with a speculative credit rating of BB (S&P) or Ba (Moody's) or lower. Junk or high-yield bonds offer investors higher yields than bonds of financially sound companies. Two agencies, Standard & Poors and Moody's Investor Services, provide the rating systems for companies' credit.
Bonds issued by companies in weak financial condition with large amounts of debt already outstanding; these bonds yield high rates of return because of the high risk.
A method of forecasting using a composite forecast prepared by a number of individual experts. The experts form their own opinions initially from the data given, and revise their opinions according to the others' opinions. Finally, the individuals' final opinions are combined.
See: Clear title
Systems that schedule materials to arrive exactly when they are needed in the production process.
The fair market price of an asset.
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