Accounting & Investement Dictionary
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An alphabetical listing of General terms and items.
Fifth letter of a Nasdaq stock symbol specifying that the issue is a class of stock such as third preferred class of warrants, foreign preferred, sixth class of preferred stock, or preferred when issued stock.
A bond portfolio construction strategy that invests approximately equal amounts in every maturity within a given range.
Strategy in which a third party poses as a white knight in a takeover bid, and then joins forces with an unfriendly bidder.
A curve conjecturing that economic output will increase if marginal tax rates are cut. Named after economist Arthur Laffer.
Payment of a financial obligation later than is expected or required, as in lead and lag. Also, the number of periods that an independent variable in a regression model is "held back" in order to predict the dependent variable.
A delay of typically about three months between the time the weighted-average coupon of an MBS pool crosses the threshold for refinancing and observation of an acceleration in prepayment speed is observed.
Economic indicators that follow rather than precede the country's overall pace of economic activity. See also: Leading indicators and coincident indicators.
Doctrine that a government should not interfere with business and economic affairs.
The ratio of a change in the option price to a small change in the option volatility. It is the partial derivative of the option price with respect to the option volatility.
A method of real estate financing; a mortgage-holding seller finances a buyer by taking a down payment and subsequent payments in installments, but holds the title until the mortgage is fully repaid.
A property owner who rents property to a tenant.
A procedure used to conceal the theft of cash by crediting the payment from one customer to another customer's account on a delayed basis.
An option that no longer has any value because it has reached its expiration date without being exercised.
A stock with a high level of capitalization, usually at least $5 billion market value.
The most recent trade performed in a security.
After a stock split, the number of shares distributed for each share held and the date of the distribution.
The final day under an exchange's rules during which trading may take place in a particular futures or options contract. Contracts outstanding at the end of the last trading day must be settled by delivery of underlying physical commodities or financial instruments, or by agreement for monetary settlement, depending futures contract specifications.
A fee a credit grantor charges a borrower for a late payment.
A delay in the display of price changes on the tape of an exchange because of heavy trading. In severe instances the first digit of each price is intentionally deleted.
To move illegally acquired cash through financial systems so that it appears to be legally acquired.
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The mean of a random sample approaches the mean (expected value) of the population as sample size increases.
An economic rule stating that a given security must have the same price no matter how the security is created. If the payoff of a security can be synthetically created by a package of other securities, the implication is that the price of the package and the price of the security whose payoff it replicates must be equal. If it is unequal, an arbitrage opportunity would present itself.
In the context of general equities, this eliminates all or part of a position by finding customers or other dealers to take the position.
Used in the context of general equities. Easily executed trade or order. See: Lead pipe.
See: Leveraged buyout
(lower cost or market): A basis for valuing certain assets at the lower of original cost or current market value.
lower cost or market (LCM): A basis for valuing certain assets at the lower of original cost or current market value.
See: Less developed countries
Payment of a financial obligation earlier than is expected or required.
The commercial or investment bank with the primary responsibility for organizing syndicated bank credit or bond issued. The lead manager recruits additional lending or underwriting banks, negotiates terms of the issue with the issuer, and assesses market conditions.
Used in the context of general equities. Virtually certain that trade will take place; lead pipe cinch. See: Layup.
A leading self-regulatory organization that over sees compliance with a particular section of the law, such as the NYSE, ASE, or NASDAQ.
The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues.
A stock or group of stocks that is the first to move in a market upsurge or downturn.
Economic series that tend to rise or fall in advance of the rest of the economy.
In the context of general equities, this is a stock or group of stocks moving with the market as a whole, but moving in advance of the general market.
Release of information selectively or not before official public announcement.
See: Long-Term Anticipation Securities
A contract that specifies the terms under which the owner of an asset (the lessor) agrees to transfer the right to use the asset to another party (the lessee).
The legal fees and other expenses incurred when acquiring a lease.
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The payment per period stated in a lease contract.
Lease utilization: Is a financial ratio which measures how much the company uses leasing arrangements to acquire its fixed assets. The two types of leases are operating leases and capital leases. Correspondingly, there are two types of lease utilization ratios: Operating Lease Utilization and Capital Lease Utilization.
An agreement that allows for portions of lease payments to be used to purchase the leased property.
A transaction that involves the sale of some property, and an agreement by the seller to lease the property back from the buyer after the sale.
An asset providing the right to use property under a lease agreement.
An improvement made to leased property.
Used in the context of general equities. Remains to buy or sell of a previously entered order after a report of partial execution has been given. If the floor broker to buy 20M IBM at $115, and he then buys 6M at this price, his report would be, "You bought 6M IBM at $115; leaves 14."
A record of all activity that happens within a checking account; maintained by the checking account holder.
A book of accounts in which data from transactions recorded in journals are posted and thereby classified and summarized.
A ledger: is the principal book (account) for recording transactions
A firm's cash balance as reported in its financial statements. Also called book cash.
A prolonged trend in stock market prices, such as a multiple-period bull market; or, an option that is one side of a spread transaction. See: Lifting a leg.
Used in the context of general equities. (1)Have a portion of the offsetting side of a trade in your pocket (spoken for) so your capital risk in the transaction is reduced. (Purchase of 10,000 of a 50,000 buy order leaves the trader a "leg up".) (2) Complete one side of a two-sided transaction, as in a swap or contingency order.
A computerized database maintained by the NYSE to keep track of enforcement actions, audits, and complaints against member firms. This term is not an acronym but is referred to in capitals.
A legal proceeding for liquidating or reorganizing a business.
The amount of contributed capital not available for dividends; usually equal to the par or stated value of outstanding capital stock.
The deposit of cash and permitted securities, as specified in the bond indenture, into an irrevocable trust sufficient to enable the issuer to fully discharge its obligations under the bond indenture.
A person or organization that can legally enter into a contract, and may therefore be sued for failure to comply with the terms of the contract.
Investments that a regulated entity is permitted to make under the rules and regulations that govern its conduct.
A list of high-quality debt and equity securities chosen by a state agency that are acceptable holdings for fiduciary institutions.
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A government-regulated firm that is legally entitled to be the only company offering a particular service in a particular area.
A statement, usually written by a specialized law firm, required for a new municipal bond issue stating that the issue is legally acceptable.
A stock transaction that requires special documentation in addition to standard stock or bond power to be legally valid.
The risk that new or changed legislation will have a large positive or negative effect on an investment.
Used in the context of general equities. Real interest in trading as compared to a profile stance. See: Natural.
An investment with poor results.
To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee.
Businesses that provide loans to others.
Traditionally the Federal Reserve Bank in the U.S., which assists banks that face large withdrawals of funds and in so doing stabilizes the banking system.
A contract regarding funds transferred between a lender and a borrower.
A loan from one broker to another of securities to cover a customer's short position, with a borrowing fee included. A fee is unusual since securities are normally lent freely between brokers.
Interest paid to a customer on the credit balance received from a short sale.
Securities borrowed from a broker's inventory, from another customer's margin account, or from another broker, when a customer is required to deliver on a short sale.
Also known as emerging markets. Countries who's per capita GDP is below a World Bank-determined level.
The party that is granted the right to use property under the terms of a lease.
The owner of property that is rented (leased) to another party.
A communication to the firm from the SEC that suggests changes to its registration statement.
A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.
An assurance by a mutual fund shareholder that a certain amount of money will be invested monthly, in exchange for lower sales charges. In mergers, a preliminary merger agreement between companies after significant negotiations.
Privately placed common stock, so-called because the SEC requires a letter from the purchaser stating that the stock is not intended for resale.
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Used in the context of general equities. Price measure of an indication.
A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier.
A mutual fund that charges a permanent sales charge, usually at some fixed percentage. See: Front-end loads and back-end loads.
Scheduling principal and interest payments (P&I) due under a mortgage so that total monthly payment of P&I is the same. different from the typical mortgage for which the principal payment component of the monthly payment becomes gradually greater while the monthly interest component shrinks.
A life insurance policy with a fixed face value and increasing premiums.
Bond with a stream of coupon payments that remain the same throughout the life of the bond.
The use of debt financing, or property of rising or falling at a proportionally greater amount than comparable investments. For example, an option is said to have high leverage compared to the underlying stock because a given price change in the stock may result in a greater increase or decrease in the value of the option.
A group of shareholders who, because of their personal leverage, seek to invest in corporations that maintain a compatible degree of corporate leverage.
Measures of the relative value of stockholders, capitalization, and creditors obligations, and of the firm's ability to pay financing charges. Value of firm's debt to the total value of the firm (debt plus stockholder capitalization).
Making transactions to adjust (rebalance) a firm's leverage ratio to a target ratio.
The beta of a leveraged required return; that is, the beta as adjusted for the degree of leverage in the firm's capital structure.
A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.
A company that has debt in its capital structure.
Stock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.
An investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.
A lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.
A portfolio that includes risky assets purchased with funds borrowed.
Often used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.
The required return on an investment when the investment is financed partially by debt.
Stocks financed with credit, such as that purchased on a margin account.
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Obligations measurable in monetary terms that represent amounts owed to creditors, governments, employees, and other parties.
A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.
Insurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.
An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.
See: London Interbank Offered Rate
The right to perform certain activities, generally granted by a governmental agency.
A court order where a creditor places a claim on property or other types of security owned by the debtor to recover the costs of the debt.
An annuity that pays a fixed amount for the lifetime of the annuitant.
The lifetime of a product or business, from its creation to its demise or transformation.
The length of time that an average person is expected to live, which is used by insurance companies use to make projections of benefit payouts.
An insurance policy that pays a monetary benefit to the insured person's survivors after death.
The dollar amount of life insurance that a company has issued, measured as the sum of policy face values and dividends paid.
The contract that sets out the terms of life insurance coverage.
A type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, the property is sold, and the loan repaid.
See: London International Financial Futures Exchange
(last-in, first-out): An inventory cost flow whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased.
An increase in securities prices, as shown by some economic indicator.
Refers to over-the-counter trading. Having an offer taken in a stock, followed by the market maker raising the offer price.
Closing out one side of a long-short arbitrage before the other is closed.
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Selling some part of a stock or bond position in a portfolio to realize capital gains or to losses or increase cash assets.
An order to buy or sell stock at the closing price only if the price is at a predetermined level or better.
An order to buy a stock at or below a specified price, or to sell a stock at or above a specified price. For instance, you could tell a broker "buy me 100 shares of XYZ Corp at $8 or less" or "sell 100 shares of XYZ at $10 or better" The customer specifies a price, and the order can be executed only if the market reaches or betters that price. A conditional trading order designed to avoid the danger of adverse unexpected price changes.
A record of unexecuted limit orders maintained by the specialist. These orders are treated equally with other orders in terms of priority of execution.
The electronic system supplying information about securities traded on participating exchanges so that the best securities prices can be found.
See: Maximum price fluctuation
The maximum price change allowed for a commodity futures contract per trading day.
A bond covenant that restricts in some way a firm's ability to sell major assets.
Applies mainly to convertible securities. Possible delay in convertibility. More frequently, the right to convert may be terminable prior to a redemption date, preventing the holder from receiving a final coupon or dividend. See: Accrued interest.
A bond covenant that restricts in some way a firm's ability to grant liens on its assets.
A bond covenant that restricts in some way a firm's ability to merge or consolidate with another firm.
A bond covenant that restricts in some way a firm's ability to enter into sale-and-leaseback transactions, financing techniques that could affect creditor thinness..
A bond covenant that restricts in some way a firm's ability to borrow at the level of firm subsidiary.
A form of business commonly used in the U.K. comparable to incorporation in the U.S.
Permission by a client that allows a broker to make certain stock and option trades without first consulting the client about the trade.
The legal protection given stockholders whereby they are responsible for the debts and obligations of a corporation only to the extent of their capital contributions.
A partner who has limited legal liability for the obligations of the partnership.
A partnership that includes one or more partners who have limited liability.
Life insurance providing full life protection but requiring premiums for only part of the customer's lifetime.
Used in the context of general equities. See: Limit order.
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The risk inherent in options contracts, which is much lower than that of a futures contract, which has unlimited risk. The maximum loss in buying a call option, for example, is the premium paid for the option.
A warranty with certain conditions and limitations on the parts covered, type of damage covered, and/or time period for which the agreement is good.
A security, such as a call option, in which the owner can lose only the initial investment.
A general obligation bond of a government backed by specified or constrained revenue sources.
An informal loan arrangement between a bank and a customer allowing the customer to borrow up to a prespecified amount.
Technique for finding the maximum value of some equation, subject to stated linear constraints.
A statistical technique for fitting a straight line to a set of data points.
John Lintner's work (1956) suggests that dividend policy is related both a target level, and to the speed of adjustment of change in dividends.
The average level of performance for all mutual funds, as reported by Lipper Analytical Services.
Asset that is easily and cheaply turned into cash-notably, cash itself and short-term securities.
Zero-coupon, callable, putable, convertible bond developed by Merrill Lynch & Co.
Payment by a firm to its owners from capital rather than from earnings.
The process of dissolving a business by selling the assets, paying the debts, and distributing the remaining equity to the owners.
The rights of a firm's securityholders in the event the firm liquidates.
Net amount that could be realized by selling the assets of a firm after paying the debt.
Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts.
A company's ability to meet current obligations with cash or other assets that can be quickly converted to cash.
Investing in a variety of maturities to reduce the price risk to which holding long bonds exposes the investor.
A California company that buys real estate limited partnership interests at 25% to 35% lower than the current value of the real estate assets.
The argument that greater liquidity is valuable, all else equal. Also, the theory that the forward rate exceeds expected future interest rates.
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Forward rate minus expected future short-term interest rate.
Ratios that measure a firm's ability to meet its short-term financial obligations on time, such as the ratio of current assets to current liabilities.
The risk that arises from the difficulty of selling an asset in a timely manner. It can be thought of as the difference between the "true value" of the asset and the likely price, less commissions.
A biased expectations theory that asserts that the implied forward rates will not be a pure estimate of the market's expectations of future interest rates because they embody a liquidity premium.
Stock exchange trading stocks, bonds, and unit trusts. The BVL general index is the exchange's official index.
A company whose stock trades on a stock exchange, and conforms to listing requirements.
An option that has been accepted for trading on an exchange.
Stock or bond that has been accepted for trading by one of the organized and registered securities exchanges in the United States. Generally, the advantages of being listed are that exchanges provide: (1) an orderly marketplace; (2) liquidity; (3) fair price determination; (4) accurate and continuous reporting on sales and quotations; (5) information on listed companies; and (6) strict regulation for the protection of securityholders. Antithesis of OTC Security.
Stocks that are traded on an exchange.
In the context of real estate, written agreement between a property owner and a real estate broker that gives the broker permission to find a buyer or tenant for some property. See: Listing broker.
A licensed real estate broker who completes a listing of a property for sale.
Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading.
Life insurance benefits from which the insured can draw cash while still living, usually in the case of some high-cost illness.
A marketplace in London for underwriting syndicates.
The sales fee charged to an investor when shares are purchased in a load fund or annuity. See: Bank-end load; front-end load; level load.
A mutual fund that sells shares with a sales charge-typically 4% to 8% of the net amount indicated. Some no-load funds also levy distribution fees permitted by Article 12b-1 of the Investment Company Act; these are typically 0. 25%. A true no-load fund has neither a sales charge nor
A method of allocating the annual sales charge on load funds, often through percentage deductions from a customer's periodic fixed payments.
Arrangement whereby the customer pays for the last delivery when the next one is received.
Temporary borrowing of a sum of money. If you borrow $1 million you have taken out a loan for $1 million.
The timetable for repaying the interest and principal on a loan.
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Assurance by a lender to make money available to a borrower on specific terms in return for a fee.
The group of member firms that lend or borrow securities needed to cover the positions of customers who have sold short securities.
Group of banks sharing a loan. See: Syndicate.
The maximum percentage of the value of securities that a broker can lend to a margin account customer, as dictated by the Federal Reserve Board in Regulation T.
The ratio of money borrowed on a property to the property's fair market value.
Securities lent interest-free between brokers to cover customers' short sale positions.
See: Letter of credit
A futures exchange member who trades securities for his or her own account.
A form of the pure expectations theory that suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon.
Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Used in the context of general equities. Make a market both ways (bid and offer) either on the bid, offering, or an in-between price only. Locking on the offering occurs to attract a seller, since the trader is willing to pay (and ask) the offering side when others only ask it. Locking on the bid side attracts buyers for similar reasons. Typically, the sell side requires a plus tick to comply with short sale rules.
To ensure that an individual transacts all his or her business with a sole broker by providing superior services, such as accommodating block buy and sell needs or preparing excellent research (soft-dollar lock). This usually guarantees a certain volume of business.
With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited.
CDs that are issued with the tacit understanding that the buyer will not trade the certificate. Quite often, the issuing bank will insist that it hold the certificate for safekeeping by it to ensure that the buyer holds the understanding.
Often used in risk arbitrage. Privilege offered a white knight (friendly acquirer) by a target company to buy crown jewels or additional equity. The aim is to discourage a hostile takeover. See: Shark repellent.
A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account.
When an investor is unable to take advantage of preferential tax treatment because of time remaining on a required holding period. Also, a commodities position in which the market has a limit up or limit down day and investors are unable to move in to or out of the market.
A market is locked if the bid price equals the ask price. This can occur, for example, if the market is brokered and one side pays brokerage only, in over-the-counter trading the initiator of the transaction. Highly competitive market environment with inside bid and offering at the same price. Often occurs when an OTC dealer has not updated the market.
A statistical technique for fitting a curve to a set of data points. One of the variables is transformed by taking its logarithm, and then a straight line is fitted to the transformed set of data points.
Pattern of frequency of occurrence in which the logarithm of the variable follows a normal distribution. Lognormal distributions are used to describe returns calculated over periods of a year or more.
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Applies mainly to international equities. Interest rate the German Bundesbank uses as an upper limit to the day-to-day money rate, since no bank will pay higher rates in the money market than it has to pay for very short-term recourse to Lombard credit.
Merged with the London International Financial Futures and Options Exchange in 1996.
The rate of interest that major international banks in London charge each other for borrowings. Many variable interest rates in the U.S. are based on spreads off LIBOR. By contrast with the bid rate LIBID quoted by banks seeking such deposits.
A London exchange where Eurodollar futures as well as futures-style options are traded.
A market for trading base metals, where traded options contracts are available against the underlying futures contract.
The U.K.'s six regional exchanges joined together in 1973 to form the stock exchange of Great Britain and Ireland, later named the LSE. The FTSE 100 index (known as the footsie) is its dominant index.
One who has bought a contract to establish a market position and who has not yet closed out this position through an offsetting sale; the opposite of short.
Bonds with a long current maturity. The "long bond" is the 30-year U.S. Treasury bond.
(1) Bonds or notes with a long current maturity. (2) A bond on which one of the coupon periods, usually the first, is longer than the other periods or the standard period.
The purchase of a futures contract in anticipation of actual purchases in the cash market. Used by processors or exporters as protection against an advance in the cash price. Related: hedge, short hedge
The part of an option spread in which an agreement to buy the underlying security is made.
Owning or holding options (i.e., the number of contracts bought exceeds the number of contracts sold). For equities, a long position occurs when an individual owns securities. An owner of 1,000 shares of stock is said to be "Long the stock." Related: Short position.
A period of time in which all costs are variable; longer than one year.
Taking a long position in both a put and a call option.
An expenditure to acquire a non-operating asset that is expected to increase in value or generate income for longer than 1 year.
Debts or toher obligations that will not be paid within one year.
In accounting terms, one year or longer.
Value of property, equipment, and other capital assets minus the depreciation. This is an entry in the bookkeeping records of a company. It is usually established on a "cost" basis, and thus does not necessarily reflect the market value of the assets.
An obligation having a maturity of more than one year from the date it was issued. Also called funded debt.
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The ratio of long-term debt to total capitalization.
A capitalization ratio comparing long-term debt to shareholders' equity.
Indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity.
Financial plan covering two or more years of future operations.
Liabilities repayable in more than one year plus equity.
A profit on the sale of a capital assets held longer than 12 months, and eligible for long-term capital gains tax treatment.
Financial goals expected to be accomplished in five years or longer.
A person who makes investments for a period of at least five years in order to finance his or her long-term goals.
Amount owed for leases, bond repayment, and other items due after 1 year.
A loss on the sale of a capital asset held less than 12 months that can be used to offset a capital gain.
Used for listed equity securities. See: Picture.
A method for calculating U.S. taxes owed on income from controlled foreign corporations that was introduced by the Tax Reform Act of 1986.
An option that allows the buyer to choose as the option strike price any price of the underlying asset that has occurred during the life of the option. For a call option, the buyer will choose the minimum price; for a put option, the buyer will choose the maximum price. This option will always be in the money.
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with.
A technicality in some legislation or regulation that makes it possible to avoid certain consequences or circumvent a rule without breaking the law, such as in the use of a tax shelter.
Policy by the Federal Reserve Board to make loans less expensive and more available by reducing interest rates through open market operations.
The opposite of profit.
The amount of net loss related to each share of stock; computed by dividing net loss by a number of shares of common stock outstanding during the period.
The ratio of losses paid or accrued by an insurer to premiums collected over a year.
Actions that an insured person or company takes at the instigation of an insurance company in order to prevent accidents or losses.
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Insurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption.
Costs that provide no benefit to an organization.
In the context of general equities, this blocks or portions of trades. Can express a specific transaction in a stock at a certain time, often implying execution at the same price (e.g., "I traded 40m in two lots of 10 and four lots of 5.").
In the context of general equities, this is a specific minimum limit required by a seller in execution an order ("I'll sell 50 with an eighth low."); implies a not-held limit order. Antithesis of top.
A method of calculating interest on the basis of the lowest balance of an account over the applicable period.
Slang for making an offer well below the fair value of an asset in hopes that the seller may be desperate to sell.
A bond with a rating of B or lower.
The day's lowest price of a security that has changed hands between a buyer and a seller.
The tendency of portfolios of stocks with a low price-earnings ratio to outperform portfolios of stocks with high price-earnings ratios.
Refunding of a low-coupon bond with a new, higher-coupon bond.
Long-term incentive payments. These can come in a variety of combinations and formats including but not limited to: stock options, restricted stock, and performance share units.
See: Loan-to-value ratio
A large one-time payment of money.
See: Liquid yield option note
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