Accounting & Investement Dictionary
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An alphabetical listing of General terms and items.
Fifth letter of a Nasdaq stock symbol specifying that it is in bankruptcy proceedings.
Market value of a firm's assets divided by replacement value of the firm's assets. Named after James Tobin of Yale University.
Variant of linear programming in which the objective function is quadratic rather than linear. In portfolio selection, we often minimize the variance of the portfolio (which is a quadratic function) subject to constraints on the mean return of the portfolio.
A period of time during the first few months or weeks of a new policy when an insurance company will not reimburse a policyholder for a claim in order to allow the insurance company time to find any fraudulent information in the application.
A signature on the back of a negotiable instrument transferring the amount to some other party but that includes wording that limits the endorser's liability.
An auditor's opinion expressing certain limitations of an audit.
A tax-deferred plan allowing employer and employee contributions that build up savings, which are paid out at retirement or on termination of employment. Tax is paid only when amounts are drawn from the trust.
An annuity allowable as investment for a qualified plan or trust.
Shares of common stock that a person must hold in order to qualify as a director of the issuing corporation.
A benefit granted by a corporation that allows employees to purchase shares at a discount price.
An analysis of the qualities of a company that cannot be measured concretely, such as management quality or employee morale.
Traditional analysis of firm-specific prospects for future earnings. It may be based on data collected by the analysts, there is no formal quantitative framework used to generate projections.
Increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.
Gives the seller choice of deliverables in Treasury bond and Treasury note futures contracts. Also called the swap option. Related: Cheapest to deliver issue.
Difference between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating. For instance, the difference between yields on Treasuries and those on single A-rated industrial bonds. Also called credit spread.
A person with numerical and computer skills who carries out quantitative analyses of companies.
An analysis of the mathematically measurable figures of a company, such as the value of assets or projected sales.
Use of advanced econometric and mathematical valuation models to identify the firms with the best possible prospectives. Antithesis of qualitative research.
To convert an asset or liability into a currency other than the regular trading currency.
See: Differential swap
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Currency options with a guaranteed exchange rate that enable buyers who like an asset, German bonds for example, but not the asset's pricing currency, to arrange payment in a different currency for a fee.
Stock with a par value of $25 per share.
Occurring every three months.
A corporation that is operated privately, but is supported by the government in its operations and that often traded publicly.
Current assets minus inventories.
Indicator of a company's financial strength (or weakness). Calculated by taking current assets less inventories, divided by current liabilities. This ratio provides information regarding the firm's liquidity and ability to meet its obligations. Also called the Acid test ratio.
An arrangement allowing a firm to use research from another firm at no cost in exchange for executing all of its trades with the firm that provides the research.
Time period an issuer is "in registration" with the SEC and may not promote its forthcoming issue.
The minimum number of people who must be present or must provide a proxy to vote at a meeting in order to make a valid decision.
Highest bid and lowest offer (asked) price currently available on a security or a commodity.
The electronic board at a brokerage firm displaying prices other financial data.
The price at which the last trade of a particular security or commodity took place.
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